Full text of Commercial and Financial Chronicle : July 31, 1915, Vol. 101, No. 2614

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Financial
Bank & Quotation Section
Railway Earnings Section

VOL. 101

IN C L U D IN G
Railway & Industrial Section
Bankers’ Convention Section

SATURDAY, JULY 31 1915

Electric Railway Section
State and City Section

NO. 2614

Week ending July 24.
Inc. or
1915.
1914.
P U B L IS H E D W E E K L Y .
Dec.
1912.
1913.
Terms of Subscription— Payable in Advance
S
S
%
Chicago ............... 287,933,755 291,461,990 —0.9 293,048,395 260,336,886
For Ono Year ........................................................................................................
25,690,950 25,640,250 + 0.2, 24,451,000 21,760,900
Cincinnati
For Six Months....................................................................................................... §
26,412,179 + 11 J) 24,335,927 21,941,038
European Subscription (including postage)................................................ 13 00 Cleveland_____ 29,311,200
23,041,972 + 32.7, 23,590,775 20,219,221
European Subscription six months (including postage)......................... ^ BO Detroit................. 30,575,714
12,498,203
Milwaukee____ 13,426,177 16,184,351 —17.0 14,754,409
Annual Subscription in London (including postage)...........................................£ 2 14s.
8,005,434
8,960,106
8,300,265 7,920,856 + 5.6
Six Months Subscription in London (including postage)....................................£ 1 l l sIndianapolis___
.
7,102,600
6,169,700
6,894,800 6,628,800 + 4.0
Canadian Subscription (including p ostage)................................................ $11 50 Columbus_____
+
14.2
5,131,606
4,998,978
7,390,616
6,468,743
Toledo________
;Subscription includes following Supplements—
3,145,853
2,676,807
2,267,243 2,936,114 —22.8
Peoria________
3,22,0066
2,957,400 —0.7 3,092,862
2,937.351
B \NK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL (3 times yearly) Grand Rapids__
915,443
1,386,386
1,013,212
1,412,901 —28.2
Evansville_____
K ailway E arnings (monthly) electric K ailway (3 times yearly)
1,848,169
D ayton_______
2,440,626 2,148,073 + 13.6 2,774,310
STATE and CITY (semi-annually) | BANKERS’ Convention (yearly)
Akron_________
1,972,000 + 25.9
2,000,000
1,868,000
2,482,000
Youngstown___
1,385,405
1,831,326 —24.4
1,439,529
1,405,358
Terms of Advertising— Per Inch Space
Canton.................
1,015,816
1,431,983 + 12.8
970,717
1,292,355
Transient matter per inch spaco (14 agato lines)......................................... $4 20 Springfield,
111..
1,057,608
1,250,810
15.4
865,052
908,0.87
( Two Months
(8 tim es).............................. 22 00 Fort Wayne___
1,150,913
1,269,762 —9.4
1,190,847
1.0S3.655
cStanding
,• Business
•„ . Cards <) Throe
Months
(13
tim
es)..............................
29
00
958,296
890,914
7.6
1,059,200
799,357
Months (20 tim es).............................. 50 00 Rockford______
Lexington_____
560,688
619,975 —9.5
659,763
808,318
( Twelve Months (52 tim es).............................. 87 00 Kalamzoo_____
405,103
570,.815 — 18.4
689,620
646,4S6
Chicago Office—39 South La Salle Street, Telephone Randolph7390.
737,470
556,298 32.6
South Bond____
577,645
504,607
787,000
Springfield, O__
790,300 —0.4
834,244
616,249
L o n d o n office —Edwards & Smith, 1 Drapers’ Gardens, E. C.
613,827 —15.3
Bloomington___
519,857
543,300
462,673
W IL L IA M B . D A N A C O M PA N Y , P u b lis h e r s ,
618,121
664,014 —6.9
6S7.728
542,039
Quincy. .............
534,521 10.9
592,995
Mansfield_____
409,520
406,535
Front, Pino and D epeystor S ts., New York.
509,538 13.0
502,674
443,455
377,340
Danville.............530,000 10.0
583,000
550,000
536,927
Published every Saturday morning by WILLIAM B. DANA COMPANY, Jackson...............
306,901
251,211
—17.9
357,958
440,936
Jacob Seibert Jr., President and Treasurer: George S. Dana and Arnold G. Dana, Lim a.................508,995 17.1
517,676
449,677
399,087
Vice-Presidents: Arnold G. Dana, Sec. -Addresses o( all, Ollice of the Company.__ Lansing.............4S4.483 16.1
420,317
562,507
410,585
428,963 — 11.0
381,605
601,013
Decatur. . . . .
380,438
342,472 —33.9
226,516
361,941
234,550
Jacksonville, III.
CLEARING-HOUSE
RETURNS.
125,045
+
11.9
159,214
136,979
140,000
Ann
Arbor_____
The following tablo, made up by telegraph, &c., indicatos that the total
26,959
71,138
50,000 + 42.3
43,181
bank clearings of all the clearing houses of tho United States for the week Adrian________
Tot.Mtd.Wcst. 434,350,349 429,496,583 + 1.1 426,619,410 380,383,806
ending to-day have been $3,114,318,395. against $3,118,188,962 last week
and $3,179,889,785 tho corresponding week last year.
San Francisco__ 4S,272,420 45,547,054 + 6.0 45,125,847 46,803,460
Los Angeles......... 20,111,079 20,122,050 —0.05 19,730,670 20,022,740
Seattle................. 11,528,003 11,586,469 —0.5 11,208,121 10,776,299
Per Portland______
Clearings—Returns bj Telegraph.
9,000,000
8,731,657 9,662,899 —9.6
9,741,305
1914.
1915.
Cent. Salt Lake C ity..
Week ending July 31.
4,996,715
5,525,486 4,997,744 + 10.5 4,633,483
3,259,021
3,382,159 —3.0
3,762,720 3,670,988
Spokane_______
New Y'ork_________________________ SI,503,O il,183 SI,541,367,044 —2.5 Tacoma_______
l.SOO.OOO 2,012,911 — 10.6 2,521,405 2,013,677
121,481,209 — 11.5 Oakland_______
107,550,596
Boston_____ ______________________
2,783,558 + 9.9 2,990,132
3,261,048
3,047,191
121,938,408
118,936,097 + 2.5 Sacramento____
Philadelphia_______________________
1,754,282
1,428,342
1,921,578 —11.7
1,697,638
28,810,799 — 16.9 San Diego...........
23,925,459
Baltimore__________________________
2,154,,874
—0.5
1,822,670
2,132,181
1,814,131
248,689,112 —5.0 Pasadena______
230,316,948
Chicago....................... - ..........................005,052
689,375
850,449 + 6.4
904,482
56,602,023
58,515,125 —3.2 Stockton______
St. Louis....................................................
759,623
796,351
909,448 + 5.5
9.59,250
14,984,202 +4.1 Fresno________
15,602,848
New Orleans..................... - ................—
771,635
717,923
813,856 —3.2
787,949
536,472
577,128
640,748 —7.2
594,391
San Jose_______
Seven cities, five days------------------- S2,005,007,4 65 S2,132,783,648 —3.2 North
274,744
280,000
268,348
+
4.8
293,588
Yakima..
502,467,023
+
3.6
520,297,684
Other cities, five days.............................
315,600
290,000
262,357 + 20.1
R en o_________
315,000
_______
____
439,890
481,193 —8.6
Total all cities, five day3.........- .......... S2,585,305,149 $2,635,251,271 — 1.9 Long Beach____
544,638,514
—2.9
107,196,932
107,433,008
Total Pacific.. 110,081,176 108,076,543 + 1.9
All cities, one day................................. 529,013,246
Total all cities for week..................... S3,114,318,395 $3,179,889,785 —2.0 Kansas City----- 61,153,004 58,175,720 + 5.1 54,477,770 46,065,790
19,247,609
16.638.S82
Minneapolis----- 16,010,427 18,759,583 —14.7
Tho full details for tho week covered by tho above will bo given next Omaha________
16,627,559 15,305,930 + S.6 16,520,175 15,606,554
Saturday. Wo cannot furnish them to-day, clearings being made up by the St.
10,425,983 10,793,687 —3.4 10,042,555 10,770,029
Paul_______
clearing houses at noon on Saturday, and lionco in tho abovo tlio fast day
9,774,052
8,004,081 + 22.1
6,957,138 8,022,816
of tlio week has to bo in all cases estim ated, as wo go to press Friday night St. Joseph-------5,763,248 5,640,875 + 2.2
6.935,8771 6,030,482
3,641,734
We present below dotailed figures for tho week ending with Saturday
4,550,694 4,564,647 —0.3 4,002,546
3,729,106
noon, July 24, for four years:
3,654,603 3,974,267 —8.1
3,789.94S
3,110,413
4,118,303
2,797,888 3,916.607 —28.6
2,6S0,353
+
8.2
3,075,007
2.240.0S6
2,899,660
Sioux
City..........
Week ending July 24.
2,017,419
1,558,770
1,957,962 2,124,113 —7.9
Clearings at1,704,009 —11.4
1,691,878
1,520,344
1,510,383
Topeka __ ___
Inc. or
1,491,320
1,117,735
1,510,098 —2.7
1,409,299
Cedar
Itapids__
1914.
Dec.
1912.
1915.
1913.
1,377,444 —19.8
1,519,970
1,687,342
1,104,028
1,540,002
1,235,772
1,435,680 1,277,213 + 12.4
S
S
•S
S
907,378
1,118,472
1,304,321 —28.1
937,892
1,588,913,80.8 + %13.2 1,030,320,632
1,797,219,220
1,558,093,453 Fargo_________
+
7.2
303,428
287,753
1,178,320
1,263,906
138,919,837
152,015,615
+
9.4
130.091,284
Philadelphia----- 52,475,080 51,275,705 + 2.3 140,390,646
671,325
683,815 + 5.1
641,430
7 IS,380
56,951,796 57,085,428 Colorado Springs
574,749
536,185
568,833 —37.3
356,910
30,362,739 32.517,539 —6.6 33,7.87,574 31,945,461 Pueblo.................
401,702
2S6.860
377,073 —23.1
290,438
Fremont______
10.683,903 12,543,571 —14.9 11,728.903
9,819,438 Aberdeen______
352,256
272,963
450,000
360,000 + 25.0
7,020,844
0.739,425 + 4.3
7,027,705 Hastings______
205,000
198,187
284,381 —43.1
161,710
5,857,154 —9.8 7,282,085
5.281.881
5,737,853
5,948,730
315,224
364,367
388,727 + 34.2
521,407
4,039,666 4,094,000 —1.3
4,020,779 3,762,304 Billings_______
3,135,245 + 3.1
Tot. oth. West. 145.S35.119 144,954,097 + 0.6 141,237,887 126,668,824
3,233,523
2,930,593
2,454,798
3,033,957 2,765,380 + 9.7
2,592,008 2,413,908
Syracuse .............
+ 1.5 70,344,671 64,434,592
1,737,900 —3.7
1,672,406
1,408,398 St. Louis............ 74,109,779 73,008,759
1,673,907
Reading...............
15,748,048 15,251,029 + 3.3 14,666,052 15,631,368
2,003,999 + 7.4
2,152,2S0
1,589,011
1,745,592 New Orleans___ 13,630,972
Wilmington------11,492.624 + 18.6 12.418,443 11,120,029
2,136,856 —1.2
2,110,011
Louisville______
1,957,371
2,032,397
Wheeling.............
7,335,162
4,000.000 6,238,127 —35.9
1,675,267 + 5.8
1,772,797
1,476,247
Wilkes-Barre----1,374,003 Houston_______ 10,881,861
9,567,609
8,771,515
10,803,753 + 0.7
1,729,497 +22.0
2,110,784
1,579,462
1,500,704 Atlanta_______
Trenton----------6,865,068
7,945,607
8,561,137 7,048,022 + 21.5
836,549 — 4.0
S03.052
833,701
862,730
York.....................
2,587,000
3,947,334 3,329,131 + 18.6 2,979,000
939,603 + 4.6
1,035,535
1,207,949
886,481
ELancaster...........
ric__________
5,405,717
3,826,005 4,773,570 —19.8 5,890,775
1,155,313
1,338,024 —13.7
1,234,698
1,112,935
7,464,302
5,206,260
7,430,434 + 14.7
635,884
8,520,162
020,320 +1.5
730,445
443,311
Chester.........—
4,985,757
613,603
5,672,145 5,772,307 —7.7 5,779,252
702,781 — 12.7
901,400
Grecnsburg.........
616,094
3,260,577
2,910,489 3,152,480 —7.7 3,379,971
662,300
042,824 + 3.0
Binghamton----610,500
597,400
3,291,175 3,048,219
510,215
3,512,050 3,660,101 —4.0 2,871,557
599,601 —14.9
679,171
Altoona...............
589,553 Birmingham----2,453,305
2,791,349 —27.9
437,185
2,013,311
353,813 + 23.6
367,5S9
Montclair...........
1,341,192
1,780,095 —0.7 2,037,271
1,774,979
Little Rock------2,472,584
1,911,935 2,643,742 —27.7 2,154.421
Total Middle. 2,081,043,925 1,862,174,774 + 11.8 1,910,801,263 1,828,920,350
2,800,000
2,247,438 2,559.920 —12.2 2,717,070
1,578,360
1,098,243
1,975,000 + 16.3
2,297,570
140,027,4S8 103,111,970 —14.2 134,189,597 153,939,005
2,000,358
7,156,000 6,954,600 + 2.9
2,371,719 2,336,162 + 1.5 2,541,730
6,974,800
0,771,400
1,446,141
1,131,132 + 50.0
2,086,289
1,696,599
6,946,475 4,904,073 + 41.6 4,079,330 4,074,864
1,344,152
1,497,269
1,524,453 —15.1
3,349,023 + 12.5 2,868,815 •2,741,944
1,294,547
3,767,717
1,605,953
1,316,858
1,265,728 —11.1
1,125,693
2,770,159 2,852,749 —2.9
2,440,608 2,108,447
Springfield_____
1,194,510
1.350,000
1,065,671 —8.6
973,857
2,042,713 2,037,856 + 0.2
2,183,922
2,038,803 Mobile.............
783,539
1,383,398
1,364,705 — 11.6
1,206,984
2,729,028 2,530,615 + 7.8 2,446,624 2,184,722
Worcester_____
665,530
1,582,839 + 7.6
940,590
1,703,778
1,171,142 —0.6
1,094,619
942,193
863,218
Fall River-------546,162
578,561
806,904 + 3.7
837,141
1,025,906 + 3.4
1,060,503
1,015,938
720,450
Now Bedford —
294,623
23S.437
316,310
—3.7
304,749
647,953
852,090
+
31.7
527,990
477,080
Lowell________
145,543
170,828
161,076 —6.6
150,470
830,003 —0.6
775,000
031,934
591,789 Vicksburg...........
Ilolyoko_______
3.83,016 + 11.2
449,684
421,211
426,377
Bangor............... Total Southern 177,230,218 175,271,489 + 1.1 172,650,866 153,481,801
Total ail........... 3,118.188,962 2,910,710,496 + 7.1 2,917,263.793 2,772,811,280
TotNew Eng. 169,648,1751 189,799,512 — 10.0 158,757,435 176,938,933
Outside N. Y. 1,320,969,742 1,321,796,688 —0.C6 1,286,943,101 1,214,119,827
Note.—For Canadian clearings see "Commercial and Miscellaneous News.”



Clearings at—

s

s

—
+
+
+
—
+
++

318

THE CHRONICLE

[Vol. 101.

ficial structure of inflated price levels will collapse.
This means, in plain language, that the public as well
It is time to call a halt on the performances that as some of the habitues of the Exchange will be
are now being witnessed on the Stock Exchange. fleeced. Similar schemes have been worked in the
The speculation there being carried on is of the most past, but never has the transparent character of the
daring and reckless kind and unless quickly brought undertaking been so manifest as on the present oc­
within proper bounds must sooner or later end in casion. It is the duty of all who are in position to
disaster. The great inflation of values that is influence popular sentiment, or who have access to
taking place has as its assumed basis absolutely the popular thought, to warn the innocent public
nothing except the expectation of large profits to be against allowing themselves to become the prey of
derived from the execution of war orders, chiefly the designing band of manipulators. If past experi­
ammunition supplies and the like. Such business is ence is any guide, the public will refuse to heed the
obviously of the most hazardous kind, and additional warning, and will madly rush in as new high levels
reason for caution exists in the fact that the bulk of are established from day to day and from hour to hour.
the orders are going, not to concerns regularly en­ There is necessarily more or less mystery connected
gaged in that class of work and therefore familiar with the prospects of large profits from the war busi­
with its nature, but to outside concerns who have ness and for the time being mystery is a more potent
never previously been engaged in anything of that weapon in the hands of the manipulators than ab­
sort and who are now turning from their ordinary solute assurance would be of a definitely established
business to this new line because of the prospect of income in an ordinary way. Within the last year
and a half Bethlehem Steel common has risen from
large profits which it offers.
Such is the demand for materials of war that the 29x/i to 275 and General Motors common from 37^g
fighting nations of Europe are ready to place orders to 189)^> and the great majority of those who allow
with almost any one who is willing to take them. themselves to be drawn into the speculative mael­
On the other hand, general industrial activity, ex­ strom on the Exchange entertain the notion that
cept where stimulated by these war orders, is at a these performances are likely to be repeated in the
low ebb and leaves manufacturing capacity to a case of other stocks that are being sent skyward
considerable extent unemployed, thus encouraging from day to day on exaggerated accounts of benefits
entry into this new field of work. As a consequence, to be derived from war orders.
we see locomotive concerns turning to the manufac­ The fact that in any given case prices have been
ture of shells and typewriting plants being employed whirled up 25 or 50 or even 100 points does not mat­
in the making of fuses, with other similar departures ter with these deluded people, for no matter how
from the normal. The unusual and extraordinary high the level, they see visions of a still higher level,
nature of the situation is revealed in no more striking and the manipulators in their turn keep up the
way than by this fact, namely that many important ballooning tactics day after day. Trading upon
concerns are relegating their ordinary, legitimate public credulity, prices are all the time being pro­
work to an inferior place because it no longer offers jected to still dizzier heights. Those directing the
the opportunity of full employment and adequate movement know that in no other way is there greater
profit, and are taking up with avidity the more al­ probability of success than by thus fooling the out­
luring business of making munitions of war.
sider into believing that there is to be no limit to the
Whether the gigantic conflict in Europe continues upward movement of prices.
for another year or two or is brought to a sud­ But should not an effort be made to balk the
den termination, the war-order business will in any schemes of those who are so industriously at work
event be of comparatively short duration. There preparing to fleece the unsuspecting outside public
may be large immediate profits (waiving altogether even though the public is itself to blame for so
the question of risks), but these large profits cannot blindly allowing itself to be misled ? Should not this
in any event last very long, and the permanent value outside public be protected as far as possible against
of the stocks of companies enjoying such profits must the results of its own folly? Has not the Stock Ex­
in the end depend entirely upon the course of their change a duty in the premises which it should not
ordinary legitimate business—the business upon neglect to perform? It will at once be answered that
which their energies were concentrated before the it would be difficult for the Exchange to interfere
war broke out and upon which they will again have to and it must be admitted it undoubtedly will. Never­
be concentrated after the war closes. But the pros­ theless, we are inclined to agree with the statement
pect of these large profits, albeit of a very risky na­ contained in an editorial article in the New York
ture, is being dangled before the eyes of the public “Times’' on Thursday as follows: “If the Stock Ex­
and a gigantic speculation is being carried on, evi­ change really wished to stop the dangerous gambling
dently by powerful cliques, with the view to utilizing in war stocks, it could do so. Its power is autocratic;
this situation and the known gullibility of the ordi­ the importance of its being so, in order that the Ex­
nary citizen for the purpose of enriching the members change may be perfectly free to deal with every
of these cliques. With this idea in mind, prices are situation on its merits, has been the strongest
being boosted to absurd levels, in the belief, which is argument against incorporation.”
not likely to prove far wrong, that the public, de­ We do not go so far as to assert that the Exchange
liberately but unknowingly deceived, will accept should declare a stock “cornered” simply because it
the high price levels as entirely justified and buy with has had a tremendous rise and is now apparently in
avidity when the manipulators are prepared perma­ limited supply, nor obviously would anyone who has
given the subject serious consideration, urge that the
nently to unload.
The reprehensible character of the proceeding is Stock Exchange should act the part of censor on
too patent to need urging. ' Nothing is more certain dealings or undertake to set a limit as to how far
or more inevitable than that in the end the guileless prices shall advance, nor yet undertake to reg­
outsider will suffer serious losses and the whole arti- ' ulate the extent of the dealings from day to day.
THE FINANCIAL SITUATION.




J uly 31 1915.]

THE CHRONICLE

There is one thing, however, it seems to us the
Exchange might do, and that is to investigate and
scrutinize the transactions with great rigidity from
day to day for the purpose of determining how far
the enormous dealings in the stocks which have been
whirled up with such great celerity consist of normal,
legitimate transactions, and how far they are wholly
manipulative in character. It is conceivable that
where a stock has been heavily oversold some scare
on the part of the shorts might cause a large influx
of buying orders all of a sudden to cover outstanding
short commitments. But the huge business being
done in some of these war stocks is not of that
character. It is not uncommon to find the share
transactions in any given stock for a single day ag­
gregating one-half the share capital and even more
in special cases. This, of course, is unnatural and
illegitimate. If there were confident investment
buying or even confident speculative buying, the
aggregate of transactions might reach heavy totals
on any given day, but the movement would hardly
keep up to the same volume day after day. And yet
that is now the record.
It needs no great powers of discernment to per­
ceive from a study of the official Stock Exchange
sheet that powerful cliques are using the facilities of
the Exchange with the deliberate purpose of bringing
about a tremendous advance in prices. The pur­
chasing orders may emanate from a hundred differ­
ent sources, but there is every indication of concert of
action or movement and of a directing mind or minds,
all operating to the same end, behind the movement.
The movement itself, as already indicated, is danger­
ous, and its inevitable effect will be to cause serious
losses to a lot of innocent though not blameless out­
siders, who will then turn around and denounce the
Exchange for having tolerated such practices.
The Stock Exchange would be justified, therefore,
in applying correctional methods. Let it proceed to
ferret out the persons engaged in these nefarious
schemes, some of whom are evidently financially
powerful, and let it devote its energies to eliminating
for the future such transactions as reflect discredit
on the Exchange. Two years ago (in January 1913),
when certain speculative movements in American
Can invited sharp criticism, and were looked upon as
manipulative in character, the Stock Exchange made
an investigation and the next month declared the
transactions free from manipulative taint. As evi­
dence of the apparently spontaneous character of the
movement, the then President of the Exchange
pointed to the fact that on Jan. 30 1913 of 3GG firms
doing an active business on the Exchange, 222 had
transactions in American Can and on Jan. 31 of 408
firms, 251 had transactions. On the present occasion
the investigation would have to go deeper than this.
Every order would have to be traced to its source.
We have no personal knowledge of manipulation,
but that there is palpable manipulation is evident
from the dealings. There are the widest kind of
fluctuations, and yet the market is being kept under
perfect control for the time being, though of course
no one knows when this control may be released and
the inevitable collapse precipitated. In not a few
instances, there is reason to believe the outsider is
being milked both up and down. Many Stock
Exchange houses are doubtless unwitting tools in
the hands of the manipulators.
The Stock Exchange has ample power to trace the
business back to is source, for it has full authority to



319

examine the books of all its members. The examina­
tion, however, should not be superficial. It must be
thoroughgoing. The Stock Exchange authorities
must proceed as the District Attorney would in fer­
reting out crime. And after the offending parties
have been discovered, further dealings with them
or for them must be prohibited.
Would not the Stock Exchange gain in general esti­
mation if it adopted such a course, would not the
effect be to strengthen confidence in the integrity
of financial methods on Wall Street, and would not
all talk of compelling the Exchange to incorporate
disappear and would not at the same time the Ex­
change render a great service in preventing the per­
sons whose operations have always been a disgrace
to it from ensnaring any more victims? It is cer­
tainly high time that the Exchange should take
steps to protect its good name and bring to an end
the speculative debauch now prevailing there.
The official list of casualties in the British army
and navy as announced by Premier Asquith shows
an aggregate of 330,995 officers and men. The naval
casualties are given up to July 20 and amount to
9,106 while the military losses to July 18 were
321,889. The military losses include 3,288 officers
and 48,372 men killed ih France, 506 officers and
7,567 men (including naval division) in the Dar­
danelles and 145 officers and 1,445 men in other
theatres of operation excluding Southwest Africa.
Of the total casualties, including killed, wounded
and missing, there have been 11,254 officers and
255,649 men in France, 2,144 officers and 47,094
men in the Dardanelles and 415 officers and 5,333
men in other theatres of the war. Great Britain is
the only one of the Powers engaged in the war which
has announced from time to time its total casualties.
Germany has issued at home full lists by name of all
men killed, wounded or missing, but the Government
has given out no official total.
Latest advices from the Eastern frontier of the war
by Avay of London state that Warsaw, the third city
of Russia and the goal for which the German armies
in the East have been striving since last October, is
about to be evacuated by the Russians. Germans
in overwhelming numbers are at the gates of the Pol­
ish capital and dispatches both from the city itself
and Petrograd say that further resistance would be
unwise. The problem has become one of moving the
Russian armies intact, threatened as they are from
the South by the Austro-Germans and more seriously
from the North where the German forces which have
swept through Poland are aiming at the railway from
Warsaw to Petrograd. This latter menace the Lon­
don press admits is imminent and the hope of the
allied countries now is not for the safety of Warsaw
but for the continued cohesion of the Russian army.
Presumably the Russian troops have for some time
been stripping the city of everything of military
value. The populace of the city have been warned
to remain calm. With Warsaw captured (quoting
press accounts from London) whether or not it
proves a conquest of lasting strategic advantage, a
great wave of enthusiasm will sweep over Germany
and Austria-Hungary; it is predicted in London that
the armies of the central powers will then seek to
force a period of trench warfare in the East, mean­
while throwing a great weight of men and guns to

320

THE CHRONICLE

the West with the idea of resuming the battering
towards Calais and perhaps towards Paris.
On the Western lines of battle the week has not
witnessed any very important developments and
dispatches from Petrograd contain the rather dis­
tinct intimation that Russia will now await a FrancoBritish diversion, which is interpreted as an intima­
tion from Russia that it is time to abandon the Joffre
policy of “nibbling” and deliver a general attack in
the Western front in order to force Germany to re­
duce her forces estimated at 2,000,000, apart from
the Austrians, facing the Russians in the Eastern
theatre. It is interpreted also as an intimation that
Russia hopes for a great battle at the Dardanelles
which will smash the Turks and allow munitions and
provisions to reach her in order that Grand Duke
Nicholas’ armies which have been bearing the brunt
of the German attack may resume the offensive.
The London “Daily Mail” yesterday gave special
prominence to the following press dispatch from
Petrograd:
At the beginning of the war Russian military opin­
ion was divided on whether Warsaw and the Vistula
should be defended or not.
The result has been that Russia has gained a year
before taking up a position on the front contemplated
by themselves in 1910 and by the Germans as far
back as 1886.
A British-French diversion is now awaited.
The Duma meets on Sunday, when the Govern­
ment will acquaint the country with the military
situation.
The “Daily Mail’s” comment is: “This appears
to be the most significant message received from
Russia since the beginning of the war. It seems
possible that the nature of the statement to the
Duma will depend upon the communications received
from London and Paris.”
Premier Asquith in the House of Commons on
Wednesday was more than usually optimistic as to
the results of the war. He praised Russia and Italy
for their services in the conflict, lauded the British
fleet for its “unobserved” but “all powerful” activity
and indicated the Government’s confidence in the
result of the operations in the Dardanelles and also
in France. The Premier presented his review of the
war situation in announcing the adjournment of
Parliament on Thursday until September 14. He
stated that the conflict had become and was likely
to continue a contest of endurance. Referring to
the fact that next week would see the completion of
a year of war Mr. Asquith remarked that the world
never had seen a more miraculous transformation
in Great Britain, not in its spirit and heart but in
the outward manifestations of its life than had
taken place in those twelve months. The British
fleet to-day was far stronger, the Premier continued,
than at the beginning of the war.
“ To its quiet and unobserved but ubiquitous and
all powerful activity,” he went on, “ is due the fact that
the seas are clear, or substantially clear. For, after
all, this submarine menace, serious as it has ap­
peared to be, is not going to inflict fatal or substan­
tial injury on British trade. The seas are clear. We
have our supplies of food and raw materials, upon
which we and the rest of the country depend, flowing
in upon us in the same abundancp and with the same
freedom; and I may say without much exaggeration,
judging from the insurance rates and other matters,



[Vol. 101.

with the same immunity from serious hazards and
risks as in times of peace.” Continuing, Premier As­
quith said, “ the navy has so far been denied the grim
and glorious fight, but it is through its unrelaxing
vigilance and the supreme skill with which it has been
handled that this country to-day can laugh at the
scare of an invasion, and that we to an extent un­
known by any other of the belligerent powers are
immune from the actual ravages and dangers of war.”
David Lloyd George, Minister of Munitions, fol­
lowed the Premier, making a cheerful report as to the
steps taken to supply the army with ammunition.
Pie, however, declared that the “situation is serious
if not perilous,” evidently having in mind a solemn
warning against the easy optimism that appears to be
current in England as to the results of the war. The
Minister of Munitions reminded his hearers that the
successes of the Germans in the East mean increased
pressure against the Allies in the West. Lloyd
George charged that the munition contractors are
behind in their contracts, that Labor is not keeping
its agreement to suspend Trades Union rules during
the emergency, that four-fifths of the ammunition
making machinery of England are not employed full
time and only one-fifth of it is working at night and
that there cannot be an increased output from all
works for weeks and perhaps mohths. On the other
hand, however, the Government is shortly to estab­
lish ten new national arsenals in addition to the six­
teen co-operative factories already under Govern­
ment control. Forty thousand volunteer workmen,
he said, are at work and 100,000 are to be utilized,
among these being skilled workmen who are being
brought back from the front. A substantial increase
in the output of shells and other ammunition, he
said, will largely be made from new establishments
within a few weeks.
The American Steamship Leclanaw from Arch­
angel July 8 for Belfast with a cargo of flax was
sunk on Sunday by a German submarine off the
Northwest coast of Scotland. All the members of
the crew were saved. They were taken into Kirk­
wall in their own boats. The news caused a severe
break in the New York stock market on Monday
owing to the incomplete form in which the informa­
tion was first published. It was at the outset re­
garded as an act of defiance by Germany to the
American Government’s note; later, however, it
became evident that ample opportunity had been
accorded to the captain and crew to leave the ship
and that efforts had been made to protect life. Our
own Government’s contention, as in the case of the
William P. Frye, is that the sinking of the ship is a
violation of our treaty with Prussia and a demand
for reparation is to be filed.
The British Government, anticipating the inten­
tion of the United States to send a further protest
against the interference with American trade re­
sulting from the execution of the British Order in
Council, on Monday last answered the protest of the
United States against certain features of the British
blockade of Germany. The official text of the note
has not been published and publication has in fact
been delayed at the request of the British Foreign
Office in order that a supplementary statement may
be forwarded and appear as a part of the original
document. An outline of its contents, however, has
appeared in the daily papers and this we give on

J uly 31 1915.]

THE CHRONICLE

subsequent pages. The British note is in reply to
the American note of March 30. It was prepared by
the London Foreign Office several weeks ago and is
understood to have been delayed pending the de­
velopment of a favorable moment for its presenta­
tion. The supplemental note is expected to arrive
next week and will, it is presumed, be a response to
the unofficial but vigorous efforts that have been
made by our State Department to obtain for American
importers the release of the numerous and large con­
signments of German, Austrian and other goods
held up in neutral European ports by the British
Order in Council.
Press advices from Washington yesterday con­
tained a denial from the Secretary of State, Mr.
Lansing, of a report that a new American policy
toward Mexico was to be immediately inaugurated
by another proclamation to the Mexican factional
leaders, or that a general note to the leaders will
be dispatched. The State Department was yester­
day officially informed of the capture of Pachuca by
Gen. Gonzales, who defeated Gen. Villa’s flying
column of cavalry there. Gen. Gonzales has de­
clared that he will reoccupy Mexico City in two days.
The Secretary of State said that representations
dispatched on Thursday night to the Mexican lead­
ers demanding that food shipments to Mexico City
be allowed to go there without interference had
nothing to do with the Administration’s intended
policy.
The Japanese Cabinet, headed by Count Okuma
as Premier, has tendered its resignation to Emperor
Yoshihito. This action followed the resignation on
Thursday of Viscount Kanetake Oura, Minister of
the Interior, after an investigation by the Minister
of Justice into bribery charges growing out of the
Parliamentary elections of last March. Viscount
Oura’s resignation was sanctioned by the Emperor
after a report on the situation had been made to him
by Count Okuma. The Premier, believing he should
hold himself responsible for the action of the mem­
bers of his Cabinet, was the first to tender his resig­
nation. The other Ministers decided immediately
to follow the example of their chief. The Elder
Statesmen will meet to-day. It is considered prob­
able that they will advise that Count Okuma be in­
vited to retain the office of Premier and reconstruct
the Cabinet.
The President of the Republic of Hayti, Vibrun
Guillaume, was taken by a mob from the French
Legation at Port au Prince on Wednesday and was
shot to death in front of the building. The Presi­
dent had taken refuge with his family under the
French flag after he had been driven from the Presi­
dential Palace by the' revolutionists. The Com­
mittee of Public Safety has taken charge of the capi­
tal and is conducting the do facto government. It
was necessary to land American marines to enforce
order and it is thought probable that before with­
drawing its forces the United States Government
will renew its efforts to negotiate a treaty with Hayti
for the administration of the customs as in San Do­
mingo, with the provision incorporated in the treaty,
similar to the Platt amendment in the Cuban treaty,
whereby the United States would have the right to
intervene in the event of disorders.



321

The London Stock Exchange markets early in the
week remained quiet awaiting dealings in the new
war loan which commenced on Thursday with “con­
version rights on.” The dealings will begin ex-con­
version rights on August 3. The trading in the new
loan gave a much more cheerful and seemingly more
practical market. The price level, too, showed a
moderate response in the form of firmness. The
dealings in the new loan, fully paid, began at 99@
99^, advanced to 99% and then eased off to 98%.
Yesterday (Friday) the quotation declined to 97%.
London correspondents state that strong buying of
American ra Iroad bonds has been a feature this week
at that centre. Another feature of interest to the
American market has been the improved demands for
United States Steel shares following the publication of
the Corporation’s quarterly earnings. The Exchange
will be closed on Monday next, the first Monday in
August being a Bank Holiday. In view of this, the
managers of the London Exchange have decided that
on Saturday also business shall be suspended.
There is however very little holiday spirit abroad in
England at the present moment. The seaside res­
orts, especially those on the East coast, are experi­
encing an exceptionally poor season. Marconi
shares were firm owing to the favorable report
presented at the annual meeting held ih London.
Canadian Pacific led a rally in Canadian securities.
It is reported that the London market is prepared
for a cut in the Canadian Pacific dividend from a
10% to an 8% annual basis when the directors meet
next month.
The British money market is under the complete
control of the Bank of England, open market rates
being as a rule % of 1% above the Threadneedle
Street minimum. Meanwhile money on call is
4@4%%. This firmness in money rates may be
considered part of a general policy in maintaining
rates in order to lend a steadying hand in the foreign
exchanges. So long as American banks and bankers
can utilize their balances in London to greater ad/
vantage for short dates than in New York, they have
active encouragement to permit them to remain
abroad instead of bringing them home to a market
that is so completely inundated with surplus loanable
funds. No announcement has as yet been made of
the form of credit that the English and French Gov
ernments are understood directly or indirectly to be
negotiating in New York. Meanwhile it may be
stated that the most cordial co-operation is in prog­
ress between New York and London bankers for the
purpose of preventing so far as possible any unnec­
essary movement of gold. It is worth while recalling
that such a control of the gold situation was definite­
ly provided for soon after Sir George Paish’s return
to London after his visit to this country last year.
At that time it will be very readily remembered no
little nonsense was being published as to the huge
debt owed by America to London. Various schemes
were proposed looking to the exportation of Amer­
ican gold to settle these exaggerated and mythical
balances. When finally a proper appreciation of
the real conditions that existed became more general
in London an understanding was reached whereby
the question of preventing the unnecessary move­
ment of gold could be placed in the hands of a special
committee. The official announcement which was
made simultaneously in London and New York on
Jan. 15 of this year concerning the plans which were
discussed first between Sir George Paish and Sec­

322

THE CHRONICLE

retary of the Treasury McAdoo at Washington and
a committee of New York bankers, and were later
under discussion in London between New York and
London bankers follows:
In connection with the announcement by the
Treasury upon the subject of the American exchange
which appeared in the press on the 8th inst., we are
authorized to state that after a conference held by the
Chancellor of the Exchequer with the London bank­
ers, it was resolved that, inasmuch as exchange
between the United States and the United Kingdom
is now substantially normal, no definite action at the
present time is required, but that, if during the con­
tinuance of the war or for one year thereafter the
exchanges between the two countries should become
such that gold exports from either country to an un­
reasonable amount might result, committees of
bankers could be appointed in the United States and
in the United Kingdom, respectively, to consider
plans for dealing collectively with the situation by
such methods as may seem at the time mutually
desirable. It is understood that a similar announce­
ment is appearing to-day in the American press on
behalf of the New York bankers.
There has been no direct announcement of any
united action, but the announcement above quoted is
significant of the direction in which to look for the
control that is so ovbiously being exercised over the
gold situation. Notwithstanding that sterling ex­
change rates indicate that English funds are substan­
tially at a discount of 2% in New York, there is no
substantial inbound movement of gold in progress.
This, of course, is a situation that cannot go on in­
definitely. Sooner or later it will be necessary for
London to send gold or the equivalent of gold to
settle a trade balance that is without question ac­
cumulating. There has certainly been a decisive
check in the volume of selling of American securities
since the subscription lists of the English loan were
closed. While it is not improbable that there will be
a substantial further selling movement of our
securities by foreign holders in the event of the war
proving protracted, this source of gold equivalent
supply does not suggest sufficient magnitude to
constitute anything like a complete offset for the
large net volume of merchandise of various kinds
that is leaving our shores. It seems to be taken for
granted in important banking circles that England
will find some other means of paying any balances
where payment may be required, without resorting
to the exportation of gold on a large scale. On
Tuesday the London “Times,” as reported by cable,
suggested that—
Buying of American bonds, which was such a
noticeable feature among dealings in the city on
Monday, had, in fact, been also going on for two or
three days at the end of last week, and was continued
yesterday in some quarters. The explanation has
been taken to be that it was for American account as
a result of government disbursements here [in
England] in payment for orders placed in the United
States. Yesterday, however, the firm belief spread
in the money market that the buying was being done
for the Government itself, the interpretation put on
these purchases of American bonds being that they
were to be used in connection with the placing of a
loan in New York. There has been so much discus­
sion for weeks past as to the prospect of the new
British Government borrowing in New York, with
the object of affecting American exchange, that such
a belief and such an interpretation in financial circles
are easily accounted for. Whether they are correct,
time will show. From the character of some of the
bonds which have changed hands, the inference is



[Vol. 101.

drawn that if they have been acquired by the Gov­
ernment for this purpose, they are to be used as
collateral for a loan after the example set by the
recent French borrowing in New York, and not sim­
ply to be sold against Government purchases.
The London correspondent of the New York
“Times” declares that the American exchange ques­
tion now occupies the energies of the Government
and the Bank of England, with, the correspondent
states, “no indication of a solution. High money
rates here seem to have helped but little so far. The
exchange position would presumably be further com­
plicated if, as is expected here, we meet your cottongrowers’ complaints by the purchase of a large
amount of cotton.” On Thursday Premier Asquith
met sympathetically the deputation of bankers who
called on him for the purpose of urging the imposition
of a tax on imports to reduce British consumption
during the war, but as Parliament was to adjourn on
Tuesday for six weeks, early action could not be
be expected.
It is interesting to observe from the press asso­
ciation dispatches that, despite the recent agitation
by certain sections of the British press which desires
that cotton be declared contraband, the British
Government has not changed its decision on this
point. This was indicated clearly by a statement
in the House of Commons on Monday by Lord
Robert Cecil, Parliamentary Under-Secretary for
Foreign Affairs, that Great Britain did not want to
deal unfairly with neutrals whatever Germany might
do. “So far as cotton reaching Germany is con­
cerned,” Lord Roberts said, “it will make no differ­
ence whether it is declared contraband or not.” Sir
Charles Macara, for many years President of the
International Federation of Master Cotton Spinners
and Manufacturers’ Association and one of England’s
foremost cotton men, declared in a published inter­
view, received by cable, that if the cotton situation
had been properly handled at the outbreak of the
war the struggle would have been finished by De­
cember or at latest March. Sir Charles was the
originator of the proposal now being agitated for
the purchase of such of the surplus cotton as exists
by reason of the loss of the German and Austrian
markets. The object of such purchase would be to
keep up the price, prevent loss to planters the world
over and protect the industry. Arrangements are
being made, it is announced from London, with
several neutral governments to permit imports of a
certain amount of cotton each month sufficient to
meet the requirements of each country in question,
importations of any excess above the stipulated
monthly quota to be prevented by the British navy.
There has as yet been no perceptible increase in the
offerings of securities on the London market. Chilian
Treasury bills to the amount of £2,000,000 issued at
the commencement of 1914 will be fully paid off at
maturity on Aug. 4 and the redemption of British
Treasury bills to the amount of £1,400,000 will take
place on Aug. 24. The London & Northwestern Ry.
is asking authority to issue £300,000 preference stock
to pay 43/2% redeemable at par in June 1925. Ex­
ceptional activity in Canadian Car & Foundry stock
on the London market suggests that speculation in
“war industrials” is beginning at the British centre.
Canadian Car & Foundry has received large orders
from the British Government for ammunition and

J uly 31 1915.]

THE CHRONICLE

333

has sublet part of these contracts to American cor­
porations. The monthly statement compiled by the
“Bankers’ Magazine” of London of the aggregate
value of 387 securities dealt in on the London Stock
Exchange, indicates a depreciation for the month
ending July 20 of £98,589,000, which is equal to 3.3%.
The heaviest decline was in British and India funds,
namely £11,591,000, or 1.9%, which is explained,
however, by the new war loan and the reduction of
minimum prices on the Stock Exchange.

Official bank rates at the European centres show
no changes. In London, Paris, Berlin, Amsterdam,
Vienna, Copenhagen the rate is 5%, in Norway,
Sweden and Portugal it is 5J^%, in Italy and Russia
6% and in Spain and Switzerland 4}^%. In London
the private bank rate at the close of business yester­
day was 5}/g% for sixty and 5@5^g% for ninety day
bills. These figures compare with the single rate of
53^% for both maturities a week ago. Money in
London is 4@ 4^% against 43^% a week ago. There
have been no private bank rates received by cable
Very little in the way of financial transactions has this week from any of the Continental centres so far
been reported from the French markets this week. as we have been able to learn.
The City of Paris has been authorized to bring out
an issue of 20,000,000 francs of bonds. A part of The feature of the Bank of England’s current
this issue is to mature in six months and bear 5%% weekly return is the further large increase of £68,409,­
interest, while the remainder will run a full year at 000 in the public deposits representing presumably the
5%. The Chamber of Deputies on Thursday again receipt of war loan funds reaching the Bank through
raised the limit of the issue of the French bonds, this indirect channels too late to appear in last week’s
time to 7,000,000,000 francs ($1,400,000,000). The statement. The Bank reported a further increase of
Chamber also appropriated 4,500,000 francs for the £1,480,274 in gold, a part of which undoubtedly
relief of the population of the French districts invaded represents actual metal in the loan subscriptions.
by Germans. The amount of gold exchanged for Note circulation decreased £243,000 and the total
paper by the Bank of France since May 27 has reserve increased £1,723,000. There was a contrac­
reached 220,000,000 francs. The French Budget tion of £39,079,000 in the item of “other” deposits
Committee on Supplementary Military and Navy and an increase of £27,628,000 in loans (other secur­
Credits., in its report just issued, shows that for the ities). The Bank’s gold now stands at £60,906,500
first five months, the war cost France 6,403,000,000 against £38,131,544 one year ago. The reserve is
francs ($1,280,600,000). The French Senate on £45,825,000 against £26,875,194. Public deposits
Thursday passed a bill strengthening and making make a favorable comparison of £177,636,000 against
clear the provisions of the decree of Sept. 27 and the £12,713,217 a year ago and loans are £192,195,000
law of April 4 last interdicting all trade with Austro- against £47,307,530 in 1914 at this date and £29,­
Germans in any country and the commerce and all 190,985 in 1913. Comparisons hereafter will necessar­
products of Austro-German origin, applying thereto ily be made with a war period. The Bank reports the
the customs, regulations and penalties now applicable amount of currency notes outstanding as of July 24
in the case of merchandise, the importation of which at £46,386,264 against £49,298,471 the preceding
is prohibited. The law provides for exceptions being week. The amount of gold held for the redemption
made to its provisions at the instance of the Minister of such notes remains at £28,500,000. Our special cor­
of Finance when such exceptions are in the interest of respondent furnishes the following details by cable of
the army or of the commerce of France. The Senate the gold movement into and out of the Bank for the
passed a resolution urging the Foreign Minister to Bank week: inflow, £1,730,000 (of which £787,000
obtain similar action by the Allies of France. The bought in the open market, £65,000 released by
British Chamber of Commerce in Paris has ap­ Egypt, and £878,000 net received from the interior of
proached the French and British Governments re­ Great Britain); outflow, £250,000 earmarked miscel­
garding the difficulties of commercial houses due to laneous. We add a tabular statement comparing for
the high exchange rate, and has suggested that a the last five years the different items in the Bank
series of conferences between bankers and Treasury of England return:
BANK OF ENGLAND’S COMPARATIVE STATEMENT.
officials be arranged in an effort to find a solution.
1915.
1914.
1913.
1912.
1911.
No progress has been made in the proposals to liqui­
July 28. July 29. July 30. July 31. Aug. 2.
£
date the pre-war position on the Bourse, although it is Circulation............... 33,531,000
29,700,350 29,858,140 30,083,930 30,233,955
Public deposits-----177,636,000 12,713,217 10,937,012 17,973,473 7,970,533
generally recognized that such action is necessary. Other
deposits------- 95,540,000 54,418,908 40,821,556 41,802,409 44,059,971
Subscriptions to Treasury bonds in the last eleven Governm’tsecurities
53,157,000 11,005,126 12,756,539 13,982,472 14,967,286
Other
securities-----192,195,000
47,307,530 29,190,985 34,757,797 26,716,810
months total 8,500,000,000 francs.
Reserve notes & coin 45,825,000 26,875,194 27,876,520 29,088,709 28,376,395
£

According to advices from Zurich the German
Minister of Finance will at a meeting of the Reichs­
tag early in August submit proposals for a third
German loan to be floated early in the autumn. The
Finance Minister it is stated already has discussed
his plans with the Finance Ministers of all the
States of the German Empire. Advices by way of
Amsterdam indicate that arrangements for the com­
plete consolidation of Belgian financial interests with
those of Germany are progressing rapidly. In
Antwerp the German Administrator of the Banque
Centrale Anversoise has given out information that
it is to be absorbed by the Deutsche Bank, its head
being a director of the latter institution.



£

£

£

Coin and bullion... 60,906,500 38,131,544 39,284,660 40,722,839 40,160,350
Proportion of reserve
to liabilities......... 16.80%
40.03 % 53.84%
48.60%
54.50%
Bank rate.................
6%
4%
4>4%
3%
3%

The Bank of France reports a further increase of
78.038.000 francs in its gold holdings this week
representing the continued exchange of gold for notes
in response to the appeal by the French Minister of
Finance, M. Ribot. Silver holdings increased ac­
cording to this week’s statement 871,000 francs.
There was a still further expansion of 79,745,000
francs in note circulation while general deposits
increased 4,425,000 francs, bills discounted were
1.749.000 francs higher and treasury deposits in­
creased 28,124,000 francs. The Bank now holds in
gold 4,129,338,000 francs against 4,141,350,000
francs one year ago and 3,362,225,000 francs in 1913.

324

THE CHRONICLE

[Vol. 101.

Silver aggregates 367,971,000 francs against 625,­ five months (against 2%@3%) and 3^% for six
325,000 francs in 1914 and 627,375,000 francs in the months (against 3@3)4% last week). Commercial
for sixty and
year preceding. The note circulation is once again paper discounts remain at
at new high record namely 12,592,000,000 francs ninety days endorsed bills receivable and for four
which compares with 6,683,184,785 in 1914 and to six months single names of choice character.
5,676,832,110 in 1913. General deposits are 2,379,­ Names not so well known require 3^@ 4%. No
825,000 francs against 947,571,861 francs in 1914 changes have been announced this week by any
and 657,417,973 francs in 1913. The item of dis­ of the Federal Reserve banks. The V/^% rate
counts stands at 2,426,649,000 francs. One year ago for trade acceptances at the New York Federal
it was 2,454,280,425 francs and two years ago Reserve Bank remains at 3)^%. The discount
rates for bankers’ acceptances in Boston, New
1,840,492,647 francs.
York, Philadelphia, Cleveland, Chicago, Indianap­
The weekly statement of the Imperial German olis and San Francisco as authorized by the Fed­
Bank as of July 23 showed an increase in gold of eral Reserve Board are 2% minimum and 4%
1,126,000 marks and of 22,831,000 marks in the cash maximum. Below are the current discount rates of
item, which includes Imperial and loan bank notes all the Reserve banks:
and notes of other banks in addition to coin and
of | Agricultural
Maturities Maturities of Maturities
bullion. Discounts were reduced 102,812,000 marks, Federal Reserve Maturities
live stock
over 30 days over 60 days and
of
of
90 days, paver over
10 days and 30 days and to 60 days, toinclusive.
note circulation showed a contraction of 97,464,000 Bank—
90 days.
inclusive.
less.
less.
marks and deposits were reduced 16,847,000 marks. New
6K
Boston.................
3
4
4
414
4
4
York...........
3
4
The Reichsbank now reports gross holdings of 2,392,­ Philadelphia___
5
3
4
4
414
__
6
4
414
4
564,000 marks in gold, against 1,356,872,000 marks Cleveland_____
__
5
4
4
414
Richmond...........
__
5
4
4
Atlanta................
414
a year ago. Combining loans and discounts we have St.Chicago...........
6
__
4
4
414
5
3
4
Louis______
4
414
__
a total of 4,379,536,000 marks, which compares Minneapolis___
5
4
6
4
__
4
6
Kansas City___
4
414
__
5
with 801,084,000 marks a year ago, while note circu­ San
4
Dallas......... ........
4
414
6
4
314
414
lation stands at 5,214,377,000, comparing with 1,­ Francisco... 3
890,893,000 marks at the corresponding date last year.
Sterling exchange continues in the narrow groove
The local money market has shown a much better that has recently been such a feature of the market.
tone, though a substantial demand is not yet dis­ Changes have been confined as a rule to small frac­
tinctly in evidence. Some firmness seems natural, tions. In general the tendency has been toward
however, in view of the steady demand for crop easier conditions, the supply of bills being, if any­
financing that should now be experienced. The thing, in excess of the demand on balance. There has
speculative activity in the so-called war industrials been no statement of the progress made toward the
is attracting attention in banking circles and lenders establishment of foreign credits in New York. The
are showing indisposition to accept risks by permit­ high rates of money in London are operating to some
ting the use of these stocks as collateral. The ex­ extent against importations of gold. That is to say,
pansion in business on the Stock Exchange has been there is added inducement for American bankers and
another influence in the firmer tendency. Last banks to keep their balances abroad rather than
Saturday’s statement of the New York Clearing draw their funds home at a time they can be used so
House showed an increase of $13,104,000 in loans, much more profitably abroad. As we have explained
of $14,789,000 in net demand deposits and of $3,­ heretofore, the exportations of war materials do not
293,000 in net time deposits. The reserve above appear to be entering as a market factor in the gen­
requirements increased $3,470,160, bringing the total eral sterling exchange situation. The success of the
to $172,925,890 against $26,173,750 under the old offering of the $45,000,000 Canadian Government
form of bank statement a year ago. The reserve note should naturally have strengthened the market
requirements themselves are $2,796,840 higher as and the fact that it did not do so affords strong
a result of the increased deposits. Reserves in evidence of the nominal situation that exists. Re­
“own vaults” increased $5,770,000 to $444,985,000 newed discussion is heard in foreign exchange circles
of which $371,104,000 was specie. Reserves in as a whole as to the prospects of the English credit,
Federal Reserve banks increased $6,066,000 to when finally it shall be announced, taking the form
$133,516,000 while reserves in other depositaries of a loan for which the collateral shall be Amercan
decreased $5,569,000 to $32,597,000. Thus the ag­ securities purchased by or on behalf of the British
gregate total reserve showed a net increase of $6,­ Government in the London market. Presumably, if
267,000 to $611,098,000.
this is to be the process, the purchases by the British
There have been no important capital applications Government must be from proceeds received for war
this week. The result of the $45,000,000 Canadian bonds or Treasury notes. There also are reports that
note issue for which subscriptions were invited last special British Treasury bonds not subject to income
Saturday was fully up to expectations, the loan taxation are to be the basis of the credit in New York
having been largely oversubscribed.
when, as must soon be the case, it is finally negotiated.
Referring to money rates in detail, the range for The present situation, as far as the gold movement is
demand loans during the week has been 1%@2% concerned, seems, as we have explained more fully in
against 1M@2% a week ago. In fact 2% has been a preceding paragraph, in the hands of prominent
the highest figure each day and the lowest, the bankers of New York and London who obviously
latter also being the ruling rate each day until have the situation well under control. The weekly
Thursday when it was advanced to 2% at which it preliminary report of exports (for the week ending
remained on Friday. Time money closed at 2% @ July 24) as reported by the Department of Commerce,
2%% for sixty days .(against 2j^% a week ago); showed exports of $54,122,000, an increase of
$13,850,000 over the exports of the preceding week.
3% for ninety days (against 2}4@2 %%), 3
for four months (against 2%@3%), 334@3^% for The excess of exports over imports was $22,900,003



J uly 31 1915.]

THE CHRONICLE

325
representing the highest point for such excess in eight The following table indicates the amount of bullion
weeks. For the preceding week the excess was only in the principal European banks:
$7,362,000, and for the week preceding that it was
July 29 1915.
July 30 1914.
Banks of
$17,674,214.
Silver.
SUver.
Total.
Compared with Friday of last week, sterling ex­
England-.
60,906,500
—J 60,906 ,500, 33,131 ,544|
38 ,131,544
change on Saturday was slightly firmer with demand Franco__ 165,213,400;
14,687 ,040179,900 ,410165,653 ,680 25,013 ,280190
,666,960
119,621,900! 2,379 ,900122,001 ,800,
67,843
,
o
oo;
,000!
84
16,337
,180,000
quoted at 4 76 9-16@4 76%, cable transfers at Germany.
Russia__ 168,511,000! 5,464 ,000 173,975 ,000174,509
7,382
,000
181
,891,000
51.578.000
63,718 ,000, 51,578 ,ooo' 12,140
,718,000
4 77 3-16@4 77% and sixty days at 4 71%@4 71%. Aus.-Hunc
Spain___ 27,899,000, 12,140 ,000
,000 57,637 ,000, 21,740!
29,191 ,000 50 ,931,000
Italy......... 45.684.000 29,738
4,787 ,000 50,471 ,000' 45,400, 000
000
2,883
,000
48
,283,000
On Monday the volume of transactions was small , Netherl’ds
30.790.000 165 400 30,955 400! 13,509,,ooo! 685 ,700' 14 ,194,700
Nat.Belgh 15.380.000 600
,000. 15,980 000| 8,818,,6671 4,409 333 ,228,000
and rates fluctuated within narrow limits, at slightly Switz’land
Sweden .. 6.298.000
. . . 6,298 000 5,878 000,
,878,000
9,601,800
...I 9,601, 800 7,202 ,600!
,202,600
lower levels; demand ranged at 4 76 7-16@4 76 9-16, j' Norway..
3.598.000
3,598,
000
2,916
000
,916,000
Denmark.
5.950.000
316,000
6,266,
oool
4,255
310,000
,565,000
cable transfers at 4 77%@4 77 3-16 and sixty days Tot. week 711,031,600 70,277,340781,308,910 607,434, 4911
98,351,313705,785,804
at 4 71%@4 71%. Following a steady opening, a Prev .week 706,050,0061 69,937,600 775,987,606!008,169, 664 99,257,517,707,427,181
weaker tone developed on Tuesday, though the range c July 30 In both years, h Sept. 21 1914.
of quotations was practically unchanged, at 4 76 7-16
@4 76 9-16 for demand, 4 77 1-16@4 77 3-16 for
CONSTITUTIONAL CONVENTION AND
cable transfers and 4 71%@4 71% for sixty days. THENEW
YORK STATE’S METHOD OF FIN­
On Wednesday extensive selling by a prominent
BOND ISSUES.
financial concern caused a slight decline during the One of the ANCING
important
duties of the State Constitu­
forenoon, though later a more active inquiry brought tional Convention now sitting
at Albany will be the
about a partial rally; demand receded to 4 76% @ incorporation in the new Constitution
of adequate
4 76%, cable transfers to 4 77@4 77% and sixty provisions for safeguarding the finances of
the State
days to 4 71%@4 71%. Freer offerings of com­ and its municipalities. An unusually competent
mercial bills induced a further recession on Thurs­ committee for dealing with this feature of the funda­
day and rates moved down to 4 76 3-16@4 76 7-16 mental law has just submitted a report to the Con­
for demand, 4 76 13-16@4 77 1-16 for cable trans­ vention making certain recommendations and sug­
fers and 4 71%@4 71% for sixty days. On Friday
respecting what the organic law should con­
the market ruled irregular. Closing quotations gestions
tain
in
that
regard and reviewing the course of State
were 4 71@4 71% for sixty days, 4 76%@4 76% finances under
and methods which have
for demand and 4 76%@4 76 13-16 for cable trans­ prevailed underthethesystem
existing
From
fers. Commercial on banks nominal, documents for this report it is evident that theConstitution.
subject
is
receiving
payment nominal. Seven-day grain bills at 4 75% most intelligent consideration. The specific commit­
@4 75%. Cotton for payment nominal; grain for tee in charge of the work is the Committee on State
payment nominal.
Revenues and Expenditures under the
In the Continental exchanges the week has shown Finances,
Chairmanship
of Henry L. Stimson, formerly U. S.
few important changes. Sterling exchange in Paris District Attorney
in this city and Secretary of
closed at 27.10 francs, against 27.18 francs last War in President Taft’s cabinet.
week. In New York, checks on the French centre We print the report in full on a subsequent page
closed 5 69 and cable transfers at 5 68%, against and it will repay careful perusal. It points out in
5 64 and 5 63 respectively a week ago. Bankers’ first place that there has been a great increase of
checks on Berlin are 81% against 81% and cable the
indebtedness in New York during the last decade on
transfers 81% against 81 15-16. Swiss exchange the
of the State and its subdivisions. This in
finished at 5 37 and 5 36 for sight and cables re­ itselfpart
would
call for careful consideration of the
spectively against 5 36 and 5 35 a week ago. Italian methods of financing
handling future debt issues.
lire are weaker, closing at 6 38 for sight and 6 37 for The Committee findsand
that
net debt of the State,
cables. A week ago the corresponding figures were over and above all sinking the
funds,
has increased from
6 21 and 6 20. Bankers’ checks on Amsterdam are $7,400,000 in 1903 to over $145,500,000
at the
40% and cables are 40%.
present
time.
The
gross
outstanding
debt
to-day
A week ago 40% was the check rate and 40% over $186,000,000 and the total authorized debt isis
plus 1-16 the cable rate. Greek exchange remains at over $231,000,000. During this period, it is noted,
5 26 and 5 25 for checks and cables respectively. the population has only increased from 7,650,000 in
Copenhagen checks are 25 83 against 25 65. Nor­ 1903 to 9,899,000 in 1914. Accordingly, the per
way and Sweden both are quoted at 25.88 against capita
State debt has risen from less than a dollar
25.70, while Russian roubles are 32% for sight a head net
in
1903
to over $15 per head. New York has,
against 32 a week ago.
it is indicated, at present not merely the largest total
debt, but by far the largest per capita direct debt of
The New York Clearing-House banks, in their op­ any
of the United States.
erations with interior banking institutions, have Municipal
indebtedness has risen in a correspond­
gained $5,746,000 net in cash as a result of the cur­
rency movements for the week ending July 30. ing degree. According to the U. S. Census, the civil
Their receipts from the interior have aggregated divisions of the State have an indebtedness far in
$9,186,000, while the shipments have reached $3,­ excess of that reported by any other State. The
440,000. Adding Sub-Treasury operations, which total debt, less sinking fund assets, according to
occasioned a loss of $1,721,000, the combined result these Census figures, stands at $1,046,226,813, which
of the flow of money into and out of the New York amount
is equal to over 30% of the indebtedness of
banks for the week appears to have been a gain of 1all the civil
divisions in the United States and more
$4,025,000, as follows:
than
four
times
the amount reported by Pennsylva­
Week ending July 30.
Into
Out of
Net Change in
Banks.
Banks.
Bank Holdings. nia, which ranks second in total debt. In the eleven
Banks' Interior movement________ 59.186.000
Gain S5,746,000 years from 1902 to 1913, the per capita debt of the
Sub-Treasury operations................... 17.281.000 53.440.000
19.002.000 Loss 1,721,000 municipalities of the State of New York has grown
T otal..........................................
$26,467,000 822,442,000 Gain $4,025,000 from $56 per head to $107, an increase of over 90%.



£

,000

, 000 !

,
,

,
,

,000 |

63

32G

THE CHRONICLE

[Vol. 101.

The Committee finds that while the credit of the “immense saving” to be attained by the serial meth­
State remains high this great augmentation in in­ od. Other things being equal, the two methods
debtedness has been noted and commented on in the ought to stand on about an equal footing as far as
investment market “and that there is an increasing financial results are concerned. The merit, or lack
tendency on the part of investors to scrutinize our of merit, of the sinking fund method is not to bo
securities and to demand an improvement in our judged by the outcome as regards New York State.
financial methods of incurring and securing debt.” The unfortunate results attending its operation here
The Committee addresses itself to the subject of are to be ascribed entirely to the inconceivably bad
bringing about the needed improvement in methods way in which this method has been applied. All
here referred to. One of the serious shortcomings sorts of errors and miscalculations have been made
has been the mistake in the method of calculating in applying it, as is shown very clearly in the minority
and collecting the contributions for the sinking funds, report made by one member of the Committee,
thereby imposing unnecessary burdens upon the tax­ namely Robert Wagner. Mr. Wagner demonstrates
payers. To indicate the extent of the unnecessary that numerous blunders have been made in the carry­
burdens the statement is made that “up to September ing out of the method—blunders which would be
30 1914 there had been contributed to all of the sink­ unbelievable except that they are supported by the
ing funds $34,487,679 41 where only $4,940,095 13 actual facts.
was required under a 3% actuarial computation, We know that those who advocate the serial
making a surplus at that date accrued of $29,547,­ method, which, for the reasons stated in the above
extract, is on the whole much to be preferred to the
584 28.”
Owing to the unsatisfactory results attending the sinking fund method, invariably make claims of
sinking fund method, the Committee recommends great savings. But scarcely anyone undertakes to
that hereafter all debts except emergency debts, discover upon what basis these claims rest. They are
shall be based upon serial bonds payable in equal founded on the idea that the funds cannot be invested
installments. On and off in recent years quite a so as to yield a rate of return equal to the rate of
controversy has been raging between the partisans interest in the bond. That assumption may on
of the two methods. The question involved is occasions have been correct in the past. To-day it
whether in the issue of municipal bonds it is better is open to question, to say the least. For the ordinary
to provide for the ultimate extinction of the principal observer, it is natural to suppose there must be a
of the debt through the serial method of partial pay­ saving, for the serial method involves paying off
ments—that is the payment of a certain amount of part of the issue each year and the common argument
the debt each year—or through the creation of sink­ is that since certain amounts of the bonds are thus
ing funds intended to retire the bonds at maturity, retired the State or municipality is relieved of the
and obviously the question is an important one, necessity of paying the interest on such amounts for
aside from its bearing on the changes proposed in the the remainder of the term. For example, if a $50,­
State Constitution in that respect. On the whole 000,000 issue of bonds should have a life of fifty
the arguments in favor of the serial method are stated years and a million dollars should be paid off each
with cogency and force by the Stimson Committee year, forty-nine years’ interest would be saved on
as follows:
the one million dollars paid off at the end of the first
Your committee recommends that hereafter all year, forty-eight years’ interest on the amount paid
debts except emergency debts shall be based upon off at the end of the second year, forty-seven years’
serial bonds payable in equal installments. The interest on the amount at the end of the third year,
advantages of such a system are so fundamental and so on.
and are so closely related to sound governmental In this way it is easy to figure out a big saving
policy, as well as to sound finance, that we believe at least in interest. But the saving is no real saving
such a restriction to be thoroughly worthy of a place
in the Constitution. The most certain, simple and nevertheless. If the one million dollars used each
cheap way to amortize a debt is to pay it off in annual year to retire bonds were contributed to a sinking
installments. The uncertainties of calculation which fund and this sinking fund were invested so as to
have so unfortunately affected our sinking funds in yield the same rate of interest as the bonds, the return
the past are at once eliminated. There is no large from the investment would take care of the interest
fund left in the hands of public officials to be cared on the bonds for the forty-nine years, the forty-eight
for and invested and reinvested for fifty years, with years, the forty-seven years, or whatever the number
all the attendant risk and temptation, and the danger
that this power of investment in various local securi­ of years might be, to maturity. Of course, the
ties may be perverted into a political power is entirely actuary does not overlook this point. It is only the
removed. Furthermore, the fact that the same ad­ layman who is misled. Yet there are actuaries who
ministration which incurs a debt must at once begin, also argue that a great saving results from the em­
within one year, to make provision for its retirement, ployment of the serial method. In their case, as
necessarily and strongly tends towards responsibility already stated, the saving results in the main from
and prudence in the contraction of debt. Finally, the
serial method produces an immense saving in the allowing a smaller rate of interest on the investment
amounts which the State must eventually pay to re­ in the sinking funds than the rate of interest in the
tire its debt. If our present canal debt of $118,000,­ bonds for whose retirement the sinking funds have
000 had been composed of serial bonds, finally ma­ been created.
turing in fifty years, instead of the present straight- One of the staunchest advocates of the serial
term sinking fund fifty-year bonds, the State Gov­
of bond redemption is Alfred D. Chandler
ernment would have saved $46,677,596 13, according method
of
Boston,
and we published a long communication
to the calculation of the Comptroller’s office, in the
total cost of retiring th.e debt, even if we assume that from him in our issue of August 1 last year. In this
the^ sinking fund was able to earn continually 4% on was included an elaborate tabular presentation
its investments.
going to show that if New York City should issue
The only point in the foregoing to which we are $65,000,000 of 50-year 4% bonds, there would be
inclined to take exception is the reference to the “a final saving in favor of the serial bond method of



J uly 31 1915.]

THE CHRONICLE

337

$15,040,953,” as compared with the sinking fund
method. But this computation was based entirely RURAL FARM CREDITS BY CO-OPERATION.
on the assumption of an average earning of 334% by One of the current fads concerning aid possible or
the sinking fund on the theory that “this is the due to business from government is that some plan
generally accepted average rate for such long-time of rural credits ought to be set up. Any scheme for
operations.” To-day, however, there is no warrant inducing the farmer to go into debt needs to be well
for any such low interest return as 334%- This is considered. The life insurance companies other than
obvious from the fact that even New York City 434% those of this State have large farm loans, have had
bonds can be bought nearly two points below excellent experience with them, and are ready always
par and certainly New York City obligations are to consider good applications. Furthermore, and as
far better than any scheme of public aid, ex-Minister
“safe.”
Herrick (not mow for the first time) advocated co­
We arc not arguing against the serial bond methoc operation
an address recently to a fertilizer
but simply pointing out that the supposed great sav­ association.in He
sees three causes for the agricultural
ing over the sinking fund method, where both are shortcomings which
serious and pros­
impartially applied, is largely illusory. There are? pectively more so: thearelackalready
of
good
the lack
however, certain drawbacks to the sinking fund plan of social pleasures, and the defects roads,
in
selling
and
which do not inhere in the serial method. Further­ purchasing power. It might be said that the rural
more it is to be remembered that the maintenance of telephone and the automobile are doing much and
a sinking fund on a 434% (or higher) compound inte­ will do more and more to facilitate social intercourse
rest basis cannot be positively assured. Then also the and to minimize the obstacle of roads as to business
securities in a sinking fund at the maturity of the loan and pleasure; thus those two hindrances are in course
must (so far as they do not consist of bonds of of removal.
the loan to be redeemed) be converted into cash, Mr. Herrick meets the difficulty in purchasing and
which operation may, or may not, prove profitable. selling by the unassailable declaration that “organ­
Another objection is the possibility of unwise and ized selling and purchasing power is best attained
even dishonest management of the funds or their through co-operation.” The rural co-operative bank,
appropriation to other uses than those for which he says, is largely misunderstood to be a savings-andthey arc intended. In the case of the serial nethod, loan association, making loans to its members, and
the gradual extinction of the debt by annual pay­ this idea has been written into State laws about
ments operates unfailingly to insure for these pay­ “credit unions,” thus making those laws useless. The
ments the same rate of interest as the obligation true rural co-operative bank is indeed a form of credit
itself bears and the serial plan has the further ad­ union but does not encourage borrowing and does
vantage that it works automatically without any not lend to its members in ordinary circumstances.
lapse or loss of time for investment. On the other Its field and purpose are local; if it makes individual
hand, it is by no means certain that serial bonds can loans it takes care that the money is used for some
be depended upon to command the same relative specified productive purpose; nobody ought to join
degree of favor from municipal bond houses as sink­ it unless that will be for his material advantage, and
ing fund issues without the right of retirement before per contra, nobody should be allowed to join unless
maturity. The Stimson Committee report refers to he will add to its credit and standing.
the fact that at the recent sale of New York City What does the bank do? “The main use of its
bonds the serial bonds sold on a slightly better basis funds is to buy farm supplies in bulk at wholesale,
than the straight sinking fund bonds. But this, in to retail to its members at a lower price or on better
our estimation, cannot be considered entirely con­ terms than they could obtain for themselves, if each
clusive. Just now there is a great demand for short­ were standing alone; in other words the bank’s grand
term issues of all kinds, owing to the superabundance object is to assemble the individual resources of its
of loanable funds, and this operated to the advantage members and organize and strengthen their purchas­
of the New York City 15-year serial issues since the
power.” It is a borrowing and purchasing (also
purchasers could depend on reselling such of the ing
a
selling)
agency rather than a lending one. So far
bonds as run off within the next three or four years as it has savings
deposits it must pay the usual
at a satisfactory profit. Such conditions of the local rate as it mustor on
any funds it borrows; it must
money market however cannot always be counted also accumulate a reserve,
especially if it is without
upon and serial bonds have not in the past been share capital.
regarded with the same degree of favor as straight One of the first difficulties to be overcome by co­
long-term issues.
operators is the same as meets the individual buyer:
The Stimson Committee thinks it might be well to to
enough cash or credit to make their cus­
replace the present straight term 50-year debt of New tomassemble
worth
while,
the inevitable opposition
York State with serial bonds even if to effect the of the retailer. Theagainst
bank
produces an aggregation
refunding a slightly higher rate of interest on the of the individual units of purchasing
and is
new securities had to be offered (such as 434% therefore a large buyer. It is a form of power
consolidating
against the exisiting 434%) as an inducement for weakness into strength.
turning in the old bonds, and in the peculiar state Let it alone, that it may depend on itself and devel­
of things existing regarding the New York State op strength by using that. Wherever aided co-opera­
sinking funds, the operation would doubtless be wise tion
it would have come in due time unaided,
as well as advantageous. As concerns the recom­ says exists
Mr.
Herrick,
have been on a firmer
mendation that hereafter the life of any new bonds basis. Observe howandhewould
puts
this:
shall not exceed the life of the improvements for Government aid is the rock against which the ruralwhich they are issued, there can be no two opinions credits
has been dashed. Particularly is
as to the desirability and soundness of such a Con­ this themovement
case
with
land
credit. The bills which have
stitutional provision.
received most attention in Congress provide for State



328

THE CHRONICLE

aid, tax exemptions and special privilege to such a
pronounced degree that if any of them became a law
it would set the farmers apart as a class by them­
selves, to be pampered and spoon-fed at public ex­
pense; and, as a consequence, it would bring down
upon them the enmity of all other classes.
Co-operative buying through this union of cash
and credit will certainly and naturally lead to co­
operative marketing. This must be so, since produc­
ing without profitable marketing destroys itself. A
case of which we have direct knowledge illustrates
the helplessness of the individual producer: an apple
grower only a few miles from the west bank of the
Hudson and this side of Poughkeepsie in distance
had a large crop of the very best apples. He bought
barrels, picked in the most careful manner, worked
hard, and consigned his apples to the commission deal­
er here in the usual manner; the result was that he
found he had contributed.his crop and his labor to the
needs of the city consumer, and then must add to the
gratuity a cash loss of nine cents a barrel; further, at
that same time, men were seen vending half-rotten
apples in the streets on the East Side, using as sale
stands some garbage heaps which just then were injt
state of interrupted removal. Combination of grow­
ers and crops, with a special agent for handling, and
with the work so done as to avoid encountering a glut
in market would prevenUsuch losses; the remedy is
co-operation, and there is no other.
The scheme compactly stated by”Mr. Herrick is
essentially on the same natural lines as the vast
British co-operative work as sketched in the “Chron­
icle” of June 12 and 19. Purchasing for consumption,
producing from the soil, converting materials into
finished products, and selling—these are steps in one
consistent process which develops naturally but
cannot be forced either by hot-house methods or by
an impatience that cannot wait. Of course, agricul­
ture should and must become more intelligent and
intensive—so much we have been saying among our­
selves, especially in the last two years. Whoever
would catch a hint of what may be achieved in that
direction might examine a little tale, evidently
sketched from life with reasonable fidelity, of which
the “Chronicle” gave a digest on September 5 last.
AN APPEAL TO THE COURTS FOR ADEQUATE
RAILWAY MAIL PAY.

Suits lately filed against the Government by the
New York & New Haven road, acting independently
and also in association with other roads operating
in New England, arc another reminder of the still
unsettled case of pay for mails-carrying. It seems
almost a self-evident proposition that a Government
which assumes to teach right-doing and to punish
and suppress wrong-doing by private business should
very carefully practice right-doing itself in its own
business, and should welcome and further, rather
than scout and hinder, determination of any alleged
injustice in its own dealings. These recent suits,
which are brought independently of the railway’s
committee on this subject, are so much additional,
inasmuch as suits claiming some 35 millions of arrears
under an order of the Department under an earlier
Administration are in the Supreme Court, set down
for re-argument in October. This particular claim
arose under the “divisor” order, whereby the average
under the weighings (such as those were) was made
seven instead of six, because the first day of the week




[Vol. 101.

had gradually become a business day in this rail­
road work.
The grounds of grievance in the matter of weigh­
ings and otherwise have been set forth so often that
the reading part of the public should be familiar with
them by this time, and there seems slight use in
publishing them for such part of the public as de­
clines to take any interest in the subject. But the
latest suit, supplemental to the other recent ones,
is different in that it includes shipment of gold from
Washington to Boston by post instead of express.
The New Haven road alleges that the classifications
of mail matter are determined by law and are not
subject to alteration by any Department orders;
that gold in bags does not conform to the charac­
teristics of first-class matter, either in the wrapping
or in the amount of stamps affixed; that neither is it
fourth-class matter as defined by law, because be­
yond the weight limit and not open for convenient
inspection; that this gold is not lawful mail matter
under any classification, nor was it shipped as freight,
and that the road was required to supply guards for
the safety of this valuable mail matter (so-called),
and it demands proper pay for carrying the gold and
passenger fares for the guards.
But was this gold parcels post matter? At this
point the growth of that great incubus upon the
roads may be once more mentioned. A few weeks
ago Mr. Burleson issued a statement in which he
declared that “notwithstanding the falling-off in
other mails, the parcels post has continued to grow
and is now in every respect a better, as it is a larger,
service than it was a year ago.” This agrees with
and recalls the summary of reports from postmasters,
given out by the Department and sent on by the
Washington newspaper representatives. The gist
of this was in the “Chronicle” of April 10, but a
very little of it may be repeated now as being
apropos: The Chicago office was delivering 558 pack­
ages daily from farms in the last quarter of 1914,
with a recent increase “of five names daily”; the
St. Louis office was handling weekly over 2,500
parcels of butter, 2,000 cartons of eggs and 1,000
packages of fresh meat; in Brooklyn the campaign
of education began with the public schools, and in
Philadelphia application blanks were sent out to
62,000 householders; the Indianapolis office suggested
that development would be swifter if the weight
limit were raised to 70 pounds, and the measure limit
included the standard crate of peaches; and Boston,
Nashville, Denver, Providence and some other
cities reported a brisk trade or excellent promise,
or both.
A useful, commendable and growing service which
ought to be applauded and stimulated as lowering
the cost of living? Perhaps so; that is not the pres­
ent question, or, at least, the sole present question.
The question to be disposed of first is, at whose cost
is this perhaps useful service rendered?
FOREIGN TRADE OF UNITED STATES,

1914-1915.
In reviewing the foreign trade of the United States
for the fiscal year ended June 30 1915 we are dealing
with a situation in the truest sense abnormal, in that
as a result of anomalous conditons abroad an
enormous and phenomenal balance of trade in our
favor has been built up with the benefit accruing
therefrom confined to a comparatively restricted list
of commodities. In other words, wholly as a result

J uly 31 1915.]

THE CHRONICLE

329

of the stupendous war in Europe the demand upon registers, locomotives—in fact, the general run of
us for materials and supplies with which to assist in machinery except that used in metal working—iron
its prosecution has been and is still so great as to pipes, steel rails, iron and steel sheets, tools, naval
overtax our productive capacity, leading in a number stores, mineral oils, tobacco, wood and manufactures
of instances to an extension of manufacturing and many other articles of lesser prominence but
facilities.
important component parts of the trade totals.
It thus happens that notwithstanding a decided The mere statement that exports of munitions
decline in the shipments of many leading articles
war supplies have very largely increased is
that have come to be considered the bulwarks of our and
evidence
enough that it is to the war itself that we
foreign trade, the year’s aggregate of merchandise owe the year’s
extraordinary expansion, but a study
exports by an appreciable amount establishes a new of the details makes
doubly sure. Further­
high record. Coincidently there has been a material more, the statistics ofassurance
the
movement
the various
contraction in the value of imports, the war having entente countries furnish additional toproof.
Our
in considerable measure prevented shipments in this exports to the United Kingdom in the late fiscal
direction from Germany, Austria, Belgium and Rus­ year were some 300 million dollars greater than in
sia. As a result, the net merchandise export balance 1913-14, to France they considerably more than
for the latest twelve months reaches no less than doubled, and the same is true of Italy, although in
$1,094,422,792—by many millions the greatest in this latter case the increase is in most part ascribable
our history and actually exceeding the entire merch­ to the fact that prior to the country’s entrance into
andise exports from the country for as late a year as the war commodities for Germany entered Europe in
1896-97.
that way. Neutral countries of North Europe, the un­
The fiscal year started off with our exports month doubted media through which the Teutonic allies
by month running behind the amounts for the cor­ have likewise received supplies, also show a phenom­
responding periods of the previous year, the imme­ enal increase in the absorption of our goods; these
diate effect of the breaking out of the war in Europe comprise the Netherlands, Norway, Sweden and
being not only to hamper trading but to interfere Denmark. On the other hand the outflow from here
most seriously with means of transportation, the in almost all other directions fell off and quite
German lines ceasing operations at once and many
so to Canada, South America and China.
vessels being withdrawn by the English and French largely
In
the
case
of our neighbor to the North the decline
for use as transports or auxiliary cruisers. This follows an important
falling off in the previous year.
difficulty, however, was overcome later by the sub­ As indicating the changes
in the foreign trade totals
stitution of other and smaller vessels many of which we append a compilation giving
the imports, exports
belonged to neutral countries. Some contraction in and balances of merchandise, month
by month, and
the outflow of commodities from here was noticeable quarter by quarter, and quarterly returns
before the close of 1913-1914, and the Ju]y 1914 and silver for the last two fiscal years. for gold
figures were moderately less than for 1913. But for
1914-15
1913-14
the next three months (August to October, inclusive)
g»gs g g g
S 022
3 022
2 022'
the falling off was very pronounced and for the halfyiear ended Dec. 31 1914 the decline from the cor­
rS
responding period of 1913 was in excess of 250
i i i g o '* 0,
■3 .isaO ***
Bis* £ <0
g g g STgTg
3 §
million dollars. The war itself, however, began to
s
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give impulse to our export trade before 1914 had
pss :■ :• :>ir
closed and with the opening of 1915 merchandise ex­
0900 © >—k4k© © ©
ports rose to a record breaking scale and have so
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exports—which for the first half-year were some 31
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are agricultural implements, cars for railways, The aggregate value of our merchandise
exports
bituminous coal, copper, cotton (but more in value
the twelve months of 1914-15 it will be seen was
of the staple than in quantity, the war having been for
$2,768,643,532
against $2,364,579,148 in 1913-14
responsible for a marked drop in prices) fertilizers, and $2,465,884,149
in 1912-13. Imports of $1,674,­
twine, furs and skins, builders’ hardware, cash 220,740 contrast with
$1,893,925,657 and $1,813,


F O R E IG N T R A D E M O V E M E N T IN

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330

THE CHRONICLE

[Vol. 101.

LISTINGS ON THE NEW YORK STOCK
008,234, leaving the enormous net balance of ex­
EXCHANGE FOR THE HALF-YEAR.
ports of 81,094,422,792 in the latest year against
8470,653,491 in 1913-14 and 8652,875,915 in 1912-13. The listings on the New York Exchange during the
The former record balance was 8666,431,554 in first half of the current calendar year, while small in
1907-08, the year of depression here, and totals in amount, were even more radically affected than ap­
excess of 600 millions are to be noted in 1897-98 and pears on the surface by the untoward combination
1900-01.
. of events during or immediately preceding this
The increase in the aggregate value of exports in period, namely the collapse of credits that for sev­
1914-15 is to an important degree to be ascribed to eral months attended the outbreak ol the loieign war,
world-wide disturbance of business opciations
higher prices obtained. Thus the average price of
still
due to it, and the uncertainties political, legis­
wheat was appreciably above that of the previous
year—81.28 per bushel comparing with 95.2 cents lative, judicial and labor-factional which have of late
and for flour the contrast is between 85.81 per barrel hung over business enterprises in the United States.
and 84.60%. Moreover, corn averaged 80.1 cents To the listings of the half-year not a single steam rail­
against 74.7 cents; oats 58.4 cents against 41 cents road or electric railway contributed anything what­
and in the general run of provisions moderate in- ever in the nature of shares offered foi subsciiption
creases are to be recorded. But these are to a large to its shareholders.
>
.
extent offset by the decline in value of one commod­ Still more striking is the fact that, if we omit the
ity—cotton—which from an average price of 12.8 stocks issued by the New York Central Railroad
cents in 1913-14 fell to 8.5 cents in 1914-15. Bread- (the new company) for the absorption of the Lake
stuffs exports owing to the almost insatiable demand Shore and other subsidiaries, and by the Interborough
from Europe for wheat and flour, which engendered Consolidated Corporation for the readjustment of
fears at times that supplies for home use would be the finances of the Interborough-Metropolitan Co. of
New York, there is left of the railroad and electric
depleted, reached a total far in excess of any former railways
shares listed in the half-year only 6 million
aggregate and ran over 400 million dollars ahead of dollars, and
of this amount 4 millions represents
1913-14, and gains of unthought of magnitude are to stock which one
company (the Atchison) was obliged
be noted in horses and mules, autos and cotton wear­ to issue in exchange
for convertible bonds tendered
ing apparel.
by the holders for that purpose.
.
Glancing over the import list we find evidence of Moreover, while the total amount of bonds issued
contraction in a majority of the articles and especially for new capital is shown by our listing table to be
millions, or about the same as the restricted totals
those for which the war had caused an increased 235
for several years past, even this small sum is swelled
demand. Chemicals, drugs, etc., for instance, ex­ by
less than 92 millions of 4%% bonds of the City
hibit a decrease of some 12 millions, and copper and andnoState
New York, and the remainder for the
manufactures over 21 millions and equally notable most part isofmade
up of the bonds of six corporations,
losses are to be recorded in fertilizers, tin, cotton three of them railroads, the New York Central, Illi­
manufactures, fibers (flax, etc.) and manufactures, nois Central and the Pittsburgh Cincinnati Chicago
& St Louis, and three industrial enterprises, namely,
vegetable oils, raw silk and silk manufactures and the
Consolidated Gas Co. of New York, American
smaller declines in a large list of goods. There are, Agricultural
and Chile Copper Co. The few
of course, some instances of increasing imports in most notable Co.
bond
for the six months have as
1914-15, but the list is a comparatively short one yet not been listed, issues
several of these being mentioned
with the gains of little moment except in such articles in a subsequent paragraph of this article.
as India rubber, Egyptian cotton, fresh meats (from The usual comparative summaries of the amounts
of securities listed during the six months ending
Argentina), sugar and wool.
30 in each of the last ten years are as follows:
The movement of gold was in favor of the Unitec June
1
SIX
tuoNTIIS’ LISTINGS ON NEW YORK STOCK EXCHANGE.
States in 1914-15. In the earlier months of the fiscal
Replacing
for New Old Issues
Bonds.
year the flow of the metal was outward, the efflux (Sir Months.) Issues
Total.
Capital, tic. Now Listed. Old Securities.
being largely to Canada on English account with a 1015 . . .
$5,000,000 $38,098,086 $278,197,000
$235,098,914
353.503.000
5.000,000 110,006,333
237,890,607
...
fair movement direct to Great Britain. But begin­ 1914
77.033.000 320.203.700
25,000,000 160,713,850
218.170.700
1913 . . .
398,607,150
237,893,300
1912
.
.
.
323.476.100
118,291,600
,
122
'
,
6
66
ning with January a return movement from Canada 1911 . . .
170,002,500 "35
514.810.100
125.064.000
42,378,300
347,367,800
...
641,311,400
287,505,537
7.979.000
set in,gaining strength in later months and reaching 1910
345,826,803
1909 . . .
567.991.700
30.770.000
93.953.000
443.208.700
1903
.
.
.
233.824.000
50,934,086
72.302.000
104,527,914
a climax in June when the amount of gold passing 1907
...
*371,375,000
217.710.000
1.650.000
*152,015,000
1906
.
.
.
through Ogdensburg from Ottawa aggregated $46,­
Stocks.
755,494. In addition to this last named amount 1915.....................
(Sir Months.)
$1,127,390 $437,770,050 $509,245,240
$70,347,200
162,976,010
65,430,510
97,545,500
there were arrivals of 82,437,539 at San Francisco 1914.....................
217,991,845 306.844.460
88,852,015
1913.....................
661,343,685
175,578,900
304,357,345
181,407,440
from the Orient during June and nearly 1% millions 1912.....................
38,000,000 196.443.900 410.794.460
170,350,500
438,950,880 1,085,869,270
234,268,990 412,643,400
1910.....................
at New York. In all, the imports for the month were 1911.....................
781,558,220
250,507,600
217,015,150 158,501,700 314,035,470 241,807,000
1909 .....................
11,417,300
71,888.000
1908
.....................
852,341,740 and the exports 82,821,988, leaving the 1907 ..................... 90,400,700 308,079,100
80,821,050 479,300,850
16,240,700 314.814.900 430,121,500
99,005,900
net influx 849,519,752. This served to wipe out 1900Note.....................
—
Applications
tor
the
listing
of
trust company receipts and of securities
the previously existing balance against us and leave marked
••assented” (If preparatory to reorganization), or of securities stamped
"assumed”
or
“assessment
paid”—the
securities
themselves having been previously
an import balance of 825,344,607, the year’sinward listed—are
not Included In this table..
Excludes
$300,000,000
Japanese
Government
bonds.
flow having been 8171,568,755 and the exports
8146,224,148. Of the imports for the twelve months
STOCKS.
BONDS.
some 110 millions were from Canada, 26 millions from Half­
Year. Railroad. Elec. Rg- Mlscell. Railroad. Elec. Rg. Mlscell.
the Orient and 12 millions from France. In 1913-14
S
$
$
$
s
$
139,003,200 114,650,490
2.293.000
168.317.000 255,591,550
107.587.000
.
99,523,610
16,723,000
we lost net 845,499,870 and in 1912-13 and 1911-12 1915..
46,729,400
11.396.000
113,026,200
1914.. 229,080,800
.
4,078,000 222,034,610
60.741.000 98.326.000 80,731,850
91 3 .. 161.136.700
.
totals approximating 8 million dollars, but 1910-11 11912.94,219,000 103,405,900 463,718,185
147,229,500 109,539,350 131.730.700
­ 141.838.300
145,337,160
133,726,600
128,100,500
172.476.600 22.899.000 243.889.800 255,157,400 9.763.500 820,948,370
showed a net import of 851,097,360. The move­ 1911
35.770.000 164.147.800 415,188,300 9.002.500 357,367,420
1910___ 235.150.300
12,0-10,000
465.123.600
73,170,600 2,417,600 166,218,800
ment of silver exhibited a shrinkage from 1914-15 1900___
28.724.000 234.188.000
1908.- ­ 305.079.700
102,522,750 1,104,100 375,674,000
96.695.000 140.531.700
127.388.000 9.741.000 a52,891,000
136,738,100 152,851,700
or any earlier year back to 1903-04 and on balance 11 90906..7 ... 202.860.000
115,624,000
.
, T.’vM,,,iino non non noo Jnnnnese Government bonds
we sent out some 21% million dollars.



1

J uly 31 1915.]

THE CHRONICLE

331

The purposes on account of which the several Byllesby companies), 8% millions of 1st & Ref. 5-year
blocks of bonds listed during the half year were issued 6s,
and the Montana Power Co., 6 millions 1st & Re­
are seen from the following:
funding 5s.
The merger by which the New York Central RR.
Hi,V'Pai}V aHd Class of Bonds Amount.
Purpose of Issue.
Co. became the owner in fee of a direct line from New
York to Chicago and numerous branches and feeders,
r.
explains the listing of 249% millions of stock of the
consolidated corporation, replacing 225% millions
of stock of the old local organization (the New York
Central & Hudson River RR. Co.) and outstanding
Jtrr.
minority shares of former subsidiaries. The Inter­
borough-Metropolitan Company of New York, the
holding company for transportation interests in this
city, subway, elevated and surface, which was ham­
pered
by over-capitalization, has successfully carried
& 5.° ini: s;
through
a readjustment under title of Interborough
K £ K 58SSS !2:” “ 3: , 5 1 °6 ® --§ sH a tl^ bon<IS' Consolidated
Corporation, which company on its
45%
millions
of new preferred shares, now listed,
i'A
has just begun the payment of dividends; the $93,262,/00 of common stock of the old company is
represented
by 932,627 common shares without par
Ti\v™Px'ra an(\ Class of Bonds— Amount.
Purpose of Issue.
value, also listed.
PubHc^vice5C^-oYn J----1
1 July 1 1914’
The prosperity that has come to a great mail order
house in Chicago is borne witness to by the 50% stock
dividend, calling for the listing of $20,000,000 com­
mon stock of Sears, Roebu ;k & Co. The voluntary
conversion by the holders of bonds into stock has
been
the occasion for the listing of 21 millions of
Company and Class of Bonds
Amount. Purpose of issue.
stock of the American Telephone & Telegraph Co., as
9°/'°
well as of 4 millions of common stock by the Atchison
Booth Fisheries Co sk fd deb O s... l,442.812..R ed^ m o ld d ^ b ^ ’
Topeka
& Santa Fe Ry and $308,500 of Norfolk &
(l°
(l°
— -r 2,074,188--Acquis’ns,
work, capital.&c. I Western Railway common. Among the miscel­
mar
h.nnn nnnf
laneous industrial stocks for the first time appearing
on the list are the common and preferred shares of
the Manhattan Shirt Co. (described in V. 100 p.
395, 402, 405, 1514), the National Cloak & Suit Co.
the
Fisheries Co. of Chicago (see V. 100, p.
MSrtS/fflcoofNV-i?'®4 6.000.000-.InSS?-g!C&£Kis.i c. 563),Booth
and
the
Willys-Overland (motor mfg.) Co., and
6S:8§8::§aS3 JStS?1” m,«“ - the capital stock
of the Butte & Superior Copper Co
do do do do
Ltd.
(V.
100,
p.
1595), and the Tobacco Products
do do
do
improvement
do do do do
Corporation.
— o.OOO.OOO.-Bargo Canal terminals.
The several stock issues and the objects of each
are
embraced in the following compilation:
Not only arc these bond listings few in number,
but they show even for the large, powerful corpora­
tions a practically complete abstention from new un­ Company and Class of Stock. Amount. Purvose of Tssun
dertakings. The New York Central HR. has listed 40
millions of its Refunding & Improvement 43^s, but No7fJk0r2£f e tral §B sto c k ....2 4 :^ :^ ::^ «Sc
cos3they were issued merely for the retirement of short­
term notes and other unfunded obligations, repre­
senting an accumulation of indebtedness incurred on Company cind Class of Stock Amount. Purpose of Issue
account of improvements and additions begun and
I.
largely prosecuted in a more prosperous period. The
Chicago & North Western, the Southern Railway
and Morris & Essex have issued and listed some con­
siderable blocks of bonds, but these were chiefly or
wholly for refunding old bonds. The Illinois Central Company and Class of Stocks- Amount. Purpose of Issue.
with its 10 millions of Joint First & Refunding 5s, and
the Pittsburgh Cincinnati Chicago & St. Louis with
its 10% millions of guaranteed consols, 4s and 4%s Amcr Tel & Tel Co, stock...............20,942,900..ExchlngTcoL7e?t1ll34 bds
(along with 3 millions for refunding), are the two rail­
road companies most noticeable in our compilation 7%
on com
Butto & Superior Copper Co. L td .
601,250..Subscribed by stockholder3
for improvement issues.
The miscellaneous bonds include the municipal OaseJJ I) Threshing Machine*CoT 997.450 .Exchange con^embie ^
issues, of which we have spoken above, also the Con­
solidated Gas Co. of N. Y., 25 millions of convertible Geneja! Chemical Co. p r e f : : . . . : } ^ los.'soof
P ^ s t o e k Cal
6s, the Chile Copper Co. (the new Guggenheim enter­
.-ZZZZZ
prise), 15 million convertible 7s; the American Agri­
cultural Chemical 7 million convertible debenture
the Louisvillo Gas & Electric Co. (one of the
New
Digitized for5s;
FRASER
R A IL R O A D B O N D S .
tj
—
5{?.“
& l ’ ltts R y consol 4 3 * s .$ l,000,000— R efunding 50% equip, bds.
C hic & N orth W est R y pen 5s-------- 9 ,0 0 0 ,0 0 0 -.Retire old bonds.
*?!? o t n , 4 ° *.
,,4°, .
1,0 0 0 .0 0 0 -.Im p ts. & equipment,
d o St P & Last Gr T r 1st gu 43*sl ,120,000— Pay old bonds.

o W
A S i K i - S - S
31,000 Kxcliango old bond?. * ’
Extension 2d guar 5s___.............. 2 ,5 3 9 ,0 0 0 ..0 1 d bonds “ stam ped” with
111 Cent-Chic St L & N ew Orl—
interest reduced.
Joint 1st & R e f bds ser “ A ” _____ 10.000.000 Constr'n n v f - n n
r’ i f ° n ’ llCrnTje fw^!inpt
1.00 0,00 0 .-Im provem ents.
’
'
Kansas C ity T erm R y 1st 4 s............ 3,000,000— C onstr’n. im pts. & real ost
NAwf v ^ w ? exJ Si
7 ,0 0 0 ,0 0 0 .-R etire old bonds.
*
W
R R - i & im pt 40.000.000. Retire unfunded d eb t for
P it ts n c fn c CM c & St Louis—
1 cap,tal account.
Consol guar 4s, ser “ I I ” .............. 2,909,0001
4°
^o
43*s, ser
4,000,000[ C onstruction, real estato.

u S t o n P a c I tR 1st llln l l - e M s 53”

real estate. &c.

_________

% notes foreclosed.

T o t a I ........................................$107,587,000

E L E C T R IC R A IL W A Y B O N D S .

B i i l y^ ^ 7 CK
n t h A v o l U i l N Y — 1 *500,000/ Retiro 2d

M

bonds duo

r n " “ c............ 1 2 6 1 ,00 0 --Im p ts, equipm ent, &c.
ocl yt R y im pt & ref oO-yr 5s------ - 1,500,000..-P a y judgm ent entered Juno
8 1914 on noto to M et St

Virginia R y & Power C o 1st & ref 5s

32,000. .Im provem ents, & c ° '

T o t a l ............................................ $2,293,000

M IS C E L L A N E O U S B O N D S .
—
Alaska Gold M ines C o—
A
debentures------$1,5 00 ,0 0 0 ..Im provem ents.
Ca ? h1,? . C0nY dc„b 5 s - - - - 7 ,0 0 0 ,0 0 0 ..Im pts & working capital.
Bethlehem Steel Corp 1st & ref 5 s. 4 ,3 0 0 ,0 0 0 .-R etire $3,000,000 notes and

C ity o f Now Y ork—
4 3 *% corporate stock duo 1904.35,000,0 0 0 „V a r io u s munlc purposes
do
do
do
do
-2 0,0 0 0 ,0 0 0 ..W a ter supply.
P

State o f N ew Y ork 43*% b o n d s ... 8 ,0 0 0 ,0 0 0 „E rio Oswego & Champlain
do

- * - 1V•“ I'd .000- . I lig h way

Soncca Canal­
.

T o t a l ........................................$168,317,000



R A IL R O A D STO C K S.

A tck '

Cleveland & Pittsburgh R R —
Special guar betterm ’t stock ____ 1,182.550

N orfolk & Western R y . com m on. ,

& AVestorn R yIm nts
cm iln’r fn* 10 1 o

308,500. . Exchange convertible bonds

T o t a l ...................................... $255,591,550

E L E C T R IC R A IL W A Y S TO C K S.
—
P re fe r m fU' COnSOlldat0ci CorP\45.740.500f Exchange old prof stock
........................................
,1
under readjustm ent plan.
Com m on
i non «<vr
B x c h - ol4 c o m - stocks (no
c o m m o n ........................................1 932.627 f
par value— treated In tol shares J
tal as $100 shares).
T o t a l .......................................$139,003,200

M IS C E L L A N E O U S S T O C K S.

Am
Chcm C o. pref..............
tVcr
y "Agric
n
------ -----

$445.5001 J
Burch
«*rcofouui
iircii

,,r
“ Herman
I l /m 4 n

Brand”
13ran<

Amer Coal Products C o , co m m o n .

3 3 ,5 0 0 ..Issued under profit-sharing

American Snuff C o, pref (new )------

94.200_.E xchango old stock under

Am er T o b a cco C o, pref (new )------

1 4 4 ,8 0 0 ..Exchange old stock u n ^

BoothFishcricsCo 7 % c u m ls t p fs t k 2,000,0001 A c q u ir e assets A ?lo o th & C o
C om m on s t o c k ................ ............ 5.000.000/
and provide work can
cum 1st pref------------------------200,000. 4 % div
s t i r a V S T o i •>
d°

do

do

................ l,1 2 7 .3 9 0 ..O ld stock just l i s t e d *

pref s tk tr c e r tfs ext_____ ______/ 2.851.200
ed to l o f s
D om o M ines C o . L td . stock ......... ! 3 .5 0 0 .0 0 0 ..A cquire 1 prop

&

extendretire

gone^al E le c tr ic C o s to c k f
62 2,2 00 ;;E x ch a £ ge convertible bonds
General M otors C o com vot c t f s .. .
42,0001 Exchango for stocks
do
do
prof v o t ctfs___
64,400 /
Guggenheim Exploration C o stock
6 0 .0 0 0 -.8 o ld for gon purposes
H ackensack.W ater C o s t o c k ------ 1.000,000..S u bscrib ed at pa™
Inspiration Cons C op C o stock-----5 5 .1 0 0 ..A c c ’t purch
Keystone
C o.

Amount.

Company and Class of Slocks—

Miscellaneous Cos.—

Purpose of Issue.

112,900--E xchange convert bonds.
& t e n S U r t C o 7 % ° c ^ Cp re f: 2
^ O O p u r c h ^ e assets’ N ew JerN atU Cloak & S u it C o 7 % cum p fd . 5,000,000( Acquire assets predecessor

R a ^ S o l c S p p e r c 6 s t a S k i::::

’ K L ^ oL

e xc M

Central C op-

Sears. Roebuck & Co common-----20,000,000--50% stk dlv p d A w !I 1915.
Tobacco Products Corp 7% tmmj
k‘ Hwsasai
.............
/
l Surbrug Co.

i.2iffl::ix rX t2» h c rs ^ k .

^

S

S

Common

and CO COmm0n........ ^ ’. f l l ’.ooot

ACly^OvPerland C ™

M S 8 8 I li^ o c H iv id e n d .

<>,o
a /o

Central Maino Rower C o --- 6%

T IM E

(>%
o%

^

W estinghouse Electric & M fg . C o.— Guaranty.Trust C o. cert, o f dep. for
co n v. 5 s ($12,131,000).

The new (unlisted) notes for which a market was
sought during the late half-year include, with others,
the following issues, representing a total of 307 mil­
lions, and contrasting with 399 millions, 319 millions,
273 millions and 218 millions for the first six months
of the years 1914, 1913, 1912 and 1911, respectively
P R IN C IP A L N O T E ISSUES IN F IR S T H A L F OF 1915— N O T L IS T E D

Auburn & Syracuse E l K B - Aurora Elgin & Chicago R R Baltim ore & Ohio R R Bangor & A roostook R R - - B aton R ouge E lectric C o . . .
Birm (AJa; B y L t & P C o . .
B-oston& Lowell R R —

6%
6%

----‘Do%
A /°
0%
6%

(»%

Date.

,

1915
Feb 1 1915
M a r 1 1915
J « » ° 1 1915
M a y 1 1915
April 1 1915
May 1 1915
JuQe 1 1915
1 1915

_
1 1915
1 1915
119 1 5

Connecticut !—

M aturity.

Amount

1918
$5,000,00
Aug
1 1916
1 5 0 ,0 0
*M ar 1 1918
800,000
J ’no 1 ’ 17-’ 18 40,000,000
M a y 1 1916 1.500.000
150.000
April 1 1918
*M ay 1 1917 1.150.000
500.000
M ar 1 1916
135.000
Juno 1 1916
July 11 1916 3.675.000
450.000
*M ay 1 1918
♦June 1 1916
200.000
Juno 1 1920
June 1 1916 2.450.000
June 1 1916 5 , 000.000
_1 191
250,000
Fob
1 1916 10,000,000
Apr
200.000
Jan 1 1918
1 1916 1,359,000
750,000
Juno 1 1916
1920*12,500,000
July
June 15 1917

b o raiS io T sjrie Y B lt............if) 5?!.'.. } {“‘5 Mm*

1915
1915
1915
1915

M aturity.

Amount.

* D cc 15 1915 $1.000,000
Jan 15 1916 1.000,000
Feb 15 1916 1.000,000
*Feb 1 1918 2 ’§^ q ’ ooo

13" 1915 July "l3* 1916 3.000,000
1 1915 *M ar 1 1918 l-o00,000
11915 * A p r l ’ 1 7 -2 0
2.500,000
1 1015
M ar 1 1917 16,000,000
1 1915 Man 1 1919
200,000
1 1915 *M ar 1 1918 1 -0 0 0 .0 0 0
1 1915 M a y 1 1916
983,000
1 1915 *July 1 1920
1-500,000
1 1915 Feb
1 1918
600,000
1 1914 *N ov 1 1916 1.200,000
1915
1920
500,000

M a r 15 1915 *M ar 15 ’ 17 2,500,000
Feb
1 1915 Fob
1 1917 7,000,000
1 1913 M a y 1 1917
500,000
N ov
1 1915 *Feb 1 1918 2,500,000
Fob
l 1915 *D ec 1 1918 9,000.000
July
Feb 15 1915 Feb 15 1918 20,000.000
....... 5,000,000
Aug 15 1914 Feb 15 1918
1 1915 *M ar 1 1917
M ar
1 1915 Jan
1 1916 5,000,000
July
300.000
1 1914 April 1 1918
Oct
1 1915 M a r 1 1918 1.750.000
M ar
2 1915 *Fob 21 1918 2.500.000
Feb
150.000
1 1914 *D oc 1 1918
D oc
275.000
1915 *M ay 1 1918
M ay
1 1915 *July 1 1917 2.338.000
July
1.500.000
Juno 1 1915 *Juno 1 1918
500,000
1915
2 K- years
M a r 15 1915 *M ar 15 20 2 , 000,000
40,000
A,.rU 1 1914 J A p r in ,1 9 1 7 o
400.000
160.000
M a r " 1 lOLOSept’ 15-Sept’ 16
M ar
1 1915 *M ar 1 1917

6,000,000

1,000,000

T otal miscellaneous com panies— — ■
— -------------------------- t i n 1) 731 926
T otal railroads, street railways and m iscellaneous--------------- $ 2 J2 ,M i,J /o

Short-term notes such as the foregoing, if not paid
or funded at maturity, must of course be renewed or
extended. Hence many of the foregoing issues, such
as the Baltimore & Oh o, Missouri Pacific and N. Y.
New Haven & Hartford, are in effect largely, if not
wholly, merely renewals of previously existing notes
issues.
_ _______
W o ta k e tlio fo llo w in g illu m in a tin g a rtic lo fro m tlio issue
o f th o “ P a c ific B a n k o r ,” o f P o rt la n d , O re g o n , o f S a tu rd a y ,
J u l y 17:

Centripetal vs. Centrifugal in To-day’s Finance.
any period of untoward inflation and riotous speculation two ele­
m e n ts are necessary—sentiment and monetary resources.
1 ho fact Is
that superabundance of tho latter almost inevitably produces tlio former.
Whon'bankers are urging money upon their customers, it is but natural that
customers should borrow in order to buy for tho riso. This is specolatlcto,
an appetite which grows by what it f e e d s upon, and why the elasticity of
a country’s money is needed is that tho su rp lu s-th o amount not needed
to do the business of tho country—may rotiro and not by its presence bo
continually forcing things towards speculation.
In

T e x a s C o .-S u b s crip tio n receipts for fu llp a id stock. (J}5%) paid

Railroads and E l. Rus— In t.
Bridge & Terminal Go. - - - <>%

July"
M ar
April
- -ar
M
July
M ar
N ov
July
Feb
N ov

1
1
1
1

WORDS OF WISDOM— DANGER OF CREDIT
INFLATION.

'
\to . R
,,°r.
s, full
paid.
Pennsylvania
R - -TTem
e n ipnorarv
w a r y certfs.
cei t.S; _for
_.. consol.
, „ 4 Hfrom
Juno
i 1915-

Arkansas & M em phis R y ,

Date.
M ay
M ay
M ay
Feb

"* Subjoct to call at an oarlier date at a certain price at com p any’s option .

« bSd o P1i0 f ulTpaicr 201 ?,^n d*in steU m en t' 65 % *pahi",

N TubYs c ^ P ^ S | f o Y 20-yr- con v. d e b .fe . 1935. ^ p a i d . ^

/0

C linchfield Coal Corp — — 6%
Connecticut R iver Row C o — 6
Consol Gas El
& Rower
C o, Baltimore - - - - - ............ 5%
Consolidation Coal C o -------- <%
Consumsors’ Rower C o -------Duquesno Eight C o ------------Gonoral Rubber C o ------ 5%
Interuat Harvester C o o f NJ 5 %
International Harvester Corp 5%
Lackawanna Steel C o ----------6 %
Lord & T a ylor------ — --------6 /«
Louisvillo Gas & Bloc C o . - - 6 %
M erch & M iners’ Transp C o 5%
M t V or-W oodberry M ills,In c 6%
N ational Eruit C o, N Y ------ 6 %
N orfolk C ounty W ater C o _ - 6%
P acific Light & Rower C o,
Eos Angeles----------------------- 6%
onnsylvaiiia Salt M fg C o - Sheriff St M k t & Storago C o 6 %
Southorn C alif Edison C o ---- 6%
Southern Counties Gas C o . . 6%
Steel C o o f Canada----------------6%
U S W indow Glass C o ............6%
Western Rower C o ___________ 6 %

Lt

As it happens, the principal corporate bond issues
of the half-year, though not as yet istecl on the New
York Stock Exchange, have at least received its
official recognition, through the fact that dealings have
been by it permitted in their part-paid subscription
certificates. The loans in question are the Chicago
Milwaukee & St. Paul General Refunding Series B
Convertible 5s, $29,141,300, sold in January; the
N. Y. Central RR. 6% 20-year Convertible bonds,
$100 000,000, underwritten and offered at par to
shareholders of record April 1; the Pennsylvania RR.
(a) Consolidated (now 1st) Mortgage 4J^s, $49,000,­
000 sold to Kuhn, Loeb & Co. in January, and (b)
General Mortgage 4^s, $65,000,000, sold by the
last-named firm in May. These large issues, speak
ing broadly, were for the greater part put out in order
to fund or refund obligations maturing or shortly to
mature, and to reimburse the treasury for such out
ays.
IR S T
a tn
a n d T E M P O R A R Y C E R T IF IC A T E S , F
F IR
PAR I P
g
D , BU T N O T R E G U L A R L Y L IS T E D .
r'bfoacro "Milwaukee & S t. Paul R y .—
^

Ini.

Aetna Explosives C o ., In c.—
Series “ A ” ................................5%
Series‘ ‘ B ” ---------------------------•>%
Serios“ C ” ---------------------------5%
Alabam a Rower Co_ _ - - - — o %
Amor Iron & Steel M fg C o . . . . .
Amer Rower & Eight C o ------ 0%
Amer P ublic Utilities C o . . . 6%
Amer R olling M ills C o . . —
A naconda C opper M in Co__ o %
Arizona Power C o --------------A yer M ills---- - - -------------------- 5 %
Braden C opper C o - - - - - - - 7 %
B ’dgep’t(C on n)H yd rau licC o 5 %

T o ta l ........................................ $114,650,490

S

[Vol. 101.

THE CHRONICLE

333

1.200.000

I f thoso viows be correct, thoro probably nover was a tim e in tlio his
tory o f tho country when it was so ripe— from tho standpoint o f m one­
tary resources— for an era o f speculation to run riot as now . 1 rue, tho so
tim ent for it is lacking. N o one knows what clouds m ay at any tim o appear
above yonder horizon. And this, perhaps, is sufficient UP to a certain
point to keep out o f tho markot thoso whom tho banks wish to lend to.
C
a l o n S o n 1. now d e v e l o p s which rcttnlrrs
front those who are chargeable with this country
supplies
trial activities seem to bo going into the m a n u f^ tu re o f war supp les
There is a profit, a big p rofit, in this undoubtedly. An evidence o f It Is
seen in the upward trend on tho stock exchanges o f what are called war
shares— U . S. and Bethlehem Steel. W inchester
^
give grave concern is tho fact that speculation in war securme.
ay
t o r n th e nucleus for a feverish market in a seCr^ ^ r l ^ u s s p L d a !
unprecedented amount o f m oney now available, produce riotous .1
a

Mms

tIOW h M \ re Usom e o f the evidences o f tho superabundance o f th e American
m onetary p osition? W ay back last M a rch , tho figures being the last gi\ en
r . ,h % 7 o l,,« o ,,c r o « h » c ™
^

Stills excess
S *was piuuut.
c ”il' h“j tho simple expedient
lowering
the same
lim it
Federal or
system
, as tho
°,
o
,
^ J J S S J o l t l - wore reduced

or " y z x s r s f i s

was provided b y Ia«v.
■
■
,
ot; fo 1
and country
Fitchburg R R — .................. {?% N ? r
1 1915
do
do
____________ 6 % Juno
25
«h o»
to bo th re w j
1915
Grand Trunk R y o f C an ad a .5 H % July
Kanawha Trac & Elec C o — 5% Juno 15 1915
i n C t h e c h c lfa H o J ; oVusixl as a basis for four times that m uch o f loaning
Lov.-iston (M o) Augusta &
S ce the first o f tho year, there has probably com e into this
014,000 canacity
June 1 1915 Juno 1 1918
W atervillo Street R y -------- 5%
cou ntry because o f the favorable balance o f trade. 180 millions o f gold.
Manchester (N H) Traction,
,
1
1918
1
1915
*Juno
Ti^d o f course nothing can create speculative sentiment m ore surely than
Liorht & Rower C o --------------5%
000
1 1915 April 1 1918 3.000.
M assachusetts Electric C o s. 5 % April
the sD ht o f the yellow m etal piling up in tho larger centres. Another
000
M ar 2 1915 M ar 2 1910 3.000.
M ichigan Central R R ----------4
pronounced leverage for credit expansion is tlio fact that a certa n por­
Mlnneap St Paul Koch &
1915
1913
750,000 tion o f the reserves in tho Federal banks can bo and are expected to bo
1918
Dub Elec Traction C o ------ 6%
*M ay 1 191619,000,000 tion ot
rc;’ or
. .
e o f Federal Reserve notes, b y tho process
M o Kan & Texas R y ................ 6 % M a y 1 1915
1 191624,485,000
Missouri
Pacific R y------- - - - 6 % June 1 1915 *Juno
*April 1 19177 ,0 0 0 ,0 0 0 o f issuing th L o notes against a reserve o f 3 5 % . A nd in this connection
M ontreal Tram & Rower C o . 6 % A p ia 1 1915
1915
*M ay 1 191027,000,000^ V s T S l not overlook:an
N Y N II & Hartford R R — 5 % M a y 1 1915
*July l ’ 15-’20
500.000
N orthern Ohio Trac & L t C o 6 % July 1915
1917-1920 1,500.000
S t ' t f
«
reserves for national banks
Ohio Traction C o .......................6 %
1 1914
*D ec 1 19154,000,000
Pacific Gas & Elec C o .............. 5 % M
Dec
and national bank notes are reserves for State banks. N ow , when w e
ay
15 1915
M a y 15 19162,000,000
Philadelphia
Co fo P ittsb —
recollectT hat w ith all this m oney in sight the country has apparently
Portland'
1 1915
*M ay 1 19175,000,000
,na ((Ore) R y L & R C o 5 % M a y
San Fran-Oakland Term R y s ..............................................................
317 260 settled down to the belief that under our new system there can be no such
thing as*a panic, and in addition tho officers o f the Federal banking sysSan Joaquin L t & Row C orp . —
- ^ ' 15’ 1915 * jT y ’'l6 -ia n ’*18 5,500’,000
United Gas & E lec C orp------ 6 %
tm n „ as . p
Owors o f their o ffico to get m ember banks to re1 1915
Jan 1
’ 18-’20 1,500,000
United Light & R y s ------------ 6% Jan
1 1915
Juno
1
19162,300,000
S f b S J S : X r e is a demand for the same, but In order that the
Verm ont R R -------------------------6% Juno
M
a
y
1
1915
*M
ay
1
1916
1,500,000
Washington Utilities C o ------ 5%
n e v 1917
system
m ay prove a financial success, wo have a general banking
Juno
1 1915
Juno
1
*1,500,000
W est Va Trac & Elec C o .
m m n which to sav tho least, is serious. T ho Federal Reserve Board
15- 17 1,500.000
W innipeg (Canada) Elec R y 6% Jan 15 1915 Jan
S our credit operation ,. W ith the Hoard
Feb
15
1915
*Feb
15
1918
1,000,000
Wisconsin Central R y ----------5%

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Federal Reserve Bank of St. Louis

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J uly 31 1915.]

THE CHRONICLE

members thereof chiding banks for not doing their duty b y tho now systom in using its rediscounting features m ore, threatening in ono case
to take away a Federal bank from a certain city and give it to another,
tho ordinary banker m ay be somewhat bewildered as to what his rightful
d uty in tho m atter is. It seems to us that tho best banking thought o f tho
country is justified in tho view which it takes, that the abnormal facilities
for credit expansion which wo now possess— and ono o f no small m om ent,
which wo have not m entioned, is that o f dom estic acceptances b y Stato
banks— is b y no means a m atter for unstinted congratulation, but rather
for serious consideration— is tim ely and that a clear view o f what it m ay
lead to should be impressed upon every banker in tho country.

APPLICATION OF CLAYTON LAW TO CREAM OF
WHEAT CASE.

333

N otw ithstanding, how ever, this published sales plan, defendant well
knowing that p lain tiff sold directly to the consumer, sold Cream o f W heat
to plain tiff at wholesale rates and in large quantities, upon condition that
in m aking sales over the counter no smaller prico should be charged than the
small retailers had to ask in order to get a fair profit, v iz ., not less than 14
cents per package.
In or a bou t January 1915 p lain tiff refused to observo this agreement or
request and openly sold Cream o f W heat at its “ E con om y Stores” for 12
cents per package.

Ju d g o H o u g h s a y s t h a t th o bu sin ess o f th o d e fe n d a n ts has
been lo o s e ly ca lle d m a n u fa c tu re , b u t m a y b e m o re p ro p e rly
d e scrib e d as th o s e le ctio n a n d c le a rin g o f a b y -p r o d u c t
o f a t ru e m a n u fa c tu re , v i z . , flo u r- m a k in g , b e in g , in
fa c t, n o m o ro th a n p u rifie d m id d lin g s . T h e a rtic le , i t is
s ta te d , is n o t one o f n e c e s s ity , is n o t p a te n te d , a n y one ca n
m a k o i t w h o ca n g e t m id d lin g s , a n d th o a m o u n t o f th e m a te r­
ia l a n n u a lly re q u ire d b y th o b usiness o f d e fe n d a n ts is less
th a n ono p e r c e n t o f th e a m o u n t p ro d u c e d b y th o m ille rs o f
th e U n it e d S ta te s . I t s m o n o p o ly is said to be a p e rfe c tly la w ­
fu l m o n o p o ly , in th e tra d o n a m o o f “ C re a m o f W h e a t ,” a n d
“ b y th e la w o f tra d e -m a rk a n d u n fa ir c o m p e titio n n o ono b u t
d e fe n d a n t ca n sell u n d e r th e n a m o chosen b y d e fe n d a n t w h a t
a n y ono c a n m a k o a n d sell u n d e r a n o th e r a n d n o n -in frin g in g
la b e l.”
T h o fo llo w in g re m a rk s o f th o C o u r t o n th e q u e s tio n o f p ric e
d is c rim in a tio n a n d le sse n in g o f c o m p e titio n , as a p p lie d to th e
caso u n d e r r e v io w , a re o f especial in te re s t:

Ju d g e H o u g h in th o lo w o r F e d e ra l ( U . S . D is t r ic t ) C o u r t in
th is c i t y o n J u l y 21 re n d e re d a d e cisio n w h ic h m a y bo f a i r ly
re g a rd o d as im p o r ta n t in th a t it is th o firs t case t h a t has com e
to p u b lic a tte n tio n , a t le a s t, re g a rd in g th o a p p lic a tio n o f
S e c tio n 2 o f th o C la y to n A c t . T h i s se ctio n m a ke s it u n la w ­
fu l f o r a n y p e rs o n “ ongaged in co m m e rce to e ith e r d ire c tly
o r in d ire c tly d is c rim in a te in p ric o b e tw e e n d iffe re n t p u r ­
ch a sers o f c o m m o d itie s * * * w h e re th e e ffe c t o f such
d is c rim in a tio n m a y bo to s u b s ta n tia lly lessen c o m p e titio n
o r te n d to c re a te a m o n o p o ly in a n y lin o o f c o m m e rce p ro ­
v id e d t h a t n o th in g c o n ta in e d [in th o A c t ] s h a ll p re v e n t d is­
c rim in a tio n in p ric o b e tw e e n p u rc h a s e rs o f c o m m o d itie s o n
a c c o u n t o f d iffe re n c e s in th e g ra d e , q u a lit y o r q u a n t it y o f th o
Section 2 plainly identifies the lessening o f com petition with restraint o f
c o m m o d ity so ld , o r t h a t m a ke s o n ly duo a llo w a n c e fo r d if­ trado (C f tho b o d y o f tho section with tho last exception). B ut price dis­
fe re n c e in th e co st o f se llin g o r tra n s p o rta tio n o r d is c rim in a ­ crim ination is only forbidden when it “ substantially" lessens com petition.
Construing the whole section together, the last exception reads in effect
tio n in p ric o in th o sam e o r d iffe re n t c o m m u n itie s m a d s in that a “ vendor m ay select his own bona fid o customers providing the effect
g o o d fa it h to m e o t c o m p e titio n ; a n d p ro v id e d f u r t h e r th a t o f such selection is not to substantially and unreasonably restrain trado.
“ H ow it can bo called substantial and unreasonable restraint o f trado to
n o th in g c o n ta in e d [in th o A c t ] sh a ll p ro v e n t person s engaged
refuso to deal w ith a man who avow edly is to uso his dealing to injure tho
in se llin g g oo d s, w a re s o r m e rc h a n d is e in co m m e rce in vendor; when said vendor makes and sells only such an advertisem ent-be­
se le ctin g t h e ir o w n cu s to m e rs in b o n a fid e tra n s a c tio n s a n d n o t gotten article as Cream o f W heat, whoso fancy namo needs the nursing o f
carefully handled sales to m aintain an output o f trifling moment in the food
in r e s t ra in t o f tra d o .”
m arkot, is beyond m y com prehension.”
T h o case in q u o stio n w a s t h a t o f th o G r e a t A t la n t ic & P a ­
c ific T e a C o . v s . C re a m o f W h e a t C o . T h o u g h th e a p p lic a ­
t io n w a s f o r o n ly a p r e lim in a r y in ju n c tio n , p e n d e n te lito , p re ­
F r o d . E . F a rn s w o r th , G e n e ra l S e c re ta ry o f tlio A m e ric a n
v e n t in g tho c a r r y in g o u t o f th o s ys te m o f salos h e re in a fte r B a n k o rs A s s o c ia tio n , w a s a s p e a k e r a t tlio c o n v e n tio n o f th o
d e scrib e d , o r th o re fu s a l to sell to p la in t iff, w h ic h th o C o u r t
M ic h ig a n B a n k e rs A s s o c ia tio n a t G ra n d R a p id s , M ic h ., th e
d e n ie d , a ll o f th e e sse n tia l fa c ts Averc, as th o C o u r t p o in ts
p re s o n t w e e k — J u l y 2 7 th , 2 8 th a n d 2 9 th . A f t e r e x te n d in g
o u t, sot f o r t h w it h clearn ess a n d w it h o u t c o n tra d ic tio n o n
th o “ g re e tin g s ” o f th o A m e ric a n B a n k e rs A s s o c ia tio n to th e
a n y m a te ria l p o in t, a n d th o d e cisio n m a y th e re fo re be re ­
M ic h ig a n b a n k o rs a n d s p e a k in g in a g e n e ra l w a y o f th e
g a rd e d , so fa r as th o lo w e r C o u r t is co n c e rn e d , as p ra c tic a lly
A s s o c ia tio n ’s a c tiv itie s as w e ll as th o scope o f its w o r k , its
o n th e m e rits . T h o C o u r t s a ys f u rt h e r :
v a s t m e m b e rs h ip , a n d th o im p o rta n t p a r t t h a t M ic h ig a n
T ho novelty o f tho litigation in point is such that a careful statement of
w hat tlieso facts arc is m ore than oxcusablo, for upon them will depend con­ a n d G r a n d R a p id s h as h a d in th o w o rk o f th o A s s o c ia tio n
clusions o f law toward whoso final settlement tho action o f this Court is fro m its o rg a n iz a tio n in o ffic e rs a n d c o m m itte e m e n , w h o
but a preliminary.
h a v e been re s id e n ts o f M ic h ig a n , M r . F a rn s w o r th sp o ko as
I t s h o u ld be n o te d th a t w h ile th o C o u r t re fe rs a t som e fo llo w s :
le n g th to th o q u e s tio n o f th o v io la tio n o f th o S h e rm a n la w ,
T ho Federal Reserve A ct has been called a miracle o f legislation.
w h ic h w a s ra ise d in th e b ill o f c o m p la in t, n o r u lin g is m a d e
Considering its political source, its lim itation, and the manner o f its
preliminary
discussion, tho designation is probably correct.
o n t h a t p o in t, th o C o u r t m a k in g th o fo llo w in g re m a rk w it h
It must bo remembered that tho investigation into tho operation o f the
re g a rd th e re to :
so-called "M o n e y T ru st" and tho bitter prejudices against W all Street were

SOME THOUGHTS ON THE FEDERAL RESERVE ACT.

I shall, tlioreforo, follow counsel (none o f whom has discussed the appli­
c a b i l i t y ^ the Sherman law) and say no m ore about it.

I t a p p e a rs fro m th e b ill o f c o m p la in t t h a t th o G ro a t A t la n ­
tic & 'JP acific T e a C o . h a d f o r y e a rs h a d s a tis fa c to ry b usiness
re la tio n s w it h th o d e fe n d a n t, a n d in th e y e a r 1909 p u rch a se d
4,250 cases o f C re a m o f W h e a t, each c o n ta in in g 36 p a cka ges,
f o r w h ic h it p a id 810,787 50, a n d in 1914 9,350 casos fo r
w h ic h ' it'p a id 836,932 50. Ju d g o H o u g h em p h asize s th o fa c t
th a t^ th o p la in t iff o w n s m o ro th a n 1,000 sto re s, a la rg o p ro ­
p o rtio n o f w h ic h a ro “ e c o n o m y s to re s ,” h a v in g b u t a single
a tte n d a n t, g iv in g n o c re d it, m a k in g n o d e live rie s a n d w it h o u t
o th o r oxponses o f th o u su a l g ro c e ry , se o kin g to co m po nsa to
fo r la c k o f co n ve n ie n c e b y cheapness o f p ric o , th u s b e in g ablo
to b u y lik e a w h o le s a le r (o n p e rh a p s no g re a t scale) a n d sell
lik e a la rg e ro ta ilo r.
A f t o r th o d e cisio n o f th o U . S . S u p ro m e C o u r t in tho D ic k ,
R . I I . M a c y & C o . a n d o th e r cases, re g a rd in g th o v a li d i t y
o f c u t p ric o s, w h ic h f o r th o m o st p a rt tu rn e d u p o n q u e stio n s
o f c o p y rig h t , p a te n ts , o r o th e r co n sid e ra tio n s n o t in th o le a st
in v o lv e d in th o case in q u o stio n , th o d e fe n d a n t, u p o n a d vic o
o f co u n se l, o v o lv e d a n o w so ilin g p la n d e scrib e d b y th o C o u r t
as fo llo w s :
B y tho printed schemo just m entioned, tho Cream o f Wheat C o. held itself
out as refusing to sell to “ consumers, retailers or chain or department
stores.” It reserved tho right to refuso to sell to anybody who failed to
com ply with any request m ado, and deemed by defondant beneficial to itsoif, tho “ trade at largo” or tho “ interests o f the consum er” ; and announced
as its p olicy that it would “ confine our sales exclusively to wholesalers.”
Sales, how ever, once m ado, were absolute, and tho transaction closed.
Sale was to Im ply no agreement to maintain or fix any prico on a ro-salo:
novortholess, defendant requested that retail prices bo kept at tho level
recommended b y it.
This request, taken in conjunction with tho rcservo right to coaso soiling
to any one who did not com ply with requests from tho samo source, was in
effect saying plainly enough, keep up the retail prico or we will stop supply­
ing you if we think such stoppage profitable. I do not supjioso that this
sales schemo was .a contract, or anything enforceable against defendant,
but it serves to show a j)rofessed state o f mind.




inter-grouped parts o f the proceedings which led up to the enactm ent o f tho
new banking law.
It was tho confessed intention o f many o f the framers o f the bill to p ro­
hibit what they called stock gambling and to punish those whom they
charged with having a m onopoly o f the credit o f the nation.
Despito tho agitation against W all Street and speculation, despito the
desire to punish those who were classed as offenders and m onopolists, and
despite largo indulgence in the fallacy that tho issuance o f what Is called
m oney was a sovereign power o f the Governm ent, the parts o f tho act which
deal with these matters aro com paratively insignificant and do not m ateri­
ally affect tho operations o f tho act as a sound financial and econom ic
measure.
.
Human wisdom is not sufficiently profound to anticipate, in tho form o f
legal provision, every possiblo contingency which m ay arise in the trans­
actions o f trade and finance.
Tlio Federal Reservo A ct is not a miraclo in this respect. It leaves very
much to subsequent interpretation, and tho regulations that have so far
been issued b y the Federal Reserve Board have becom e really parts o f the
law, differing from what is written in tho act only in their, susceptibility
to change.
W hen Congress was in doubt as to what should bo done in any particular,
it delegated tlio power o f decision to tho Federal Reserve Board and there
wero very m any delegations o f such authority.
T ho regulations issued b y the Federal Reserve Board have com e as the
result o f wido investigation, sincere study, and after counsel with many
bankers, with tho Governors o f the R ewervo banks and with tho Federal
A dvisory C ouncil.
N o exception has bean taken to these regulations and in every instance
they seem to be representative o f the best banking thought in the cou ntry.
It will thus bo seen that the Federal Reserve A ct as a working system o f
rules has been developing constantly since it was given effect on N ovem ber
16th last. It will go on developing by what m ay bo termed an evolutionary
process for a long tim e to com e.
T ho greatest virtuo o f the act seems to bo that so much o f it is ineffective
until it lias been given life b y interpretation by tho Federal Reserve Board
and tho making o f regulations to guide its practical application.
Thcro aro, however, provisions o f tho law which will undoubtedly have
to bo changed b y act o f Congress.
So far experience lias brought no justification for tho establishment o f
twelve Reserve banks. It was a departure from tho correct interpretation
o f tho law whon tho Reserve Bank Organization Com m itteo divided tho
country into twelve districts.
It will bo remembered that twelve was tho number o f districts p rovided
for in tho bill as it passed the House, in tho Senate this provision was
changed to read “ N ot less than eight nor moro than tw elve.”

334

THE

CHRONICLE

T h e law as it was enacted provides that “ the districts thus created m ay
b e re-adjusted and new districts’ m ay from tim e to tim e bo created b y the
Federal Reserve B oard, n ot to exceed twelve in a ll.”
I t is a fair reading o f this provision, that Congress intended that the
Federal Reservo Board shall have the pow er and the right to determ ine
whether or n ot there should be m ore than eight districts and the boundaries
thereof.
W hen the Organization Com m ittee presumed to fix the num ber b eyon d
eight it usurped a power which Congress intended should be exerciesd only
b y tho Federal Reserve B oard.
There has been m uch discussion o f this m atter on the light o f experience,
because there is obviously n ot business enough to test the facilities o f even
eight Reserve banks.
There is constant com plaint that the banks are not doing enough business
to warrant their existence. In a recent speech beforo the N ew England
bankers. G overnor Hamlin (of the Federal Reserve Board) urged bankers
to use tho privilege o f ro-discount, whether or n ot they were in need o f
additional credit at tho Reserve banks.
I t is difficult to reconcile a recomm endation to borrow with the lack o f
necessity for so doing.
Business men borrow when they are in need o f bank credit or funds.
There is no reason w hy banks should borrow when they have resources and
m ore than enough resources to meet overy demand m ade upon them .
D espite tho situation which is created b y an excessive number o f Reserve
banks it is doubtful if it would bo advisable to recomm end any reduction
In tho num ber.
Business is rapidly adjusting itself to the present situation and it is a
fair prediction that if tho number o f Reserve banks wero“reduced branches
would have to bo established.
I t is also a fair prediction that in the course o f ordinary developm ent
under the Reserve A ct branches will be established and twelve banks would
bo no m oro than are necessary to meet the requirements o f trade.
I t is not expected that tho twelve banks will d o an equal am ount o f busi­
ness or make equal profits. T he large Reserve banks in tho largo cities will
assumo the discharge o f certain functions (such as tho protection o f tho
gold reserve and the direction o f foreign-trado affairs) and thoso things
would be properly within the scope o f their business.
T h e smaller Reserve banks will not bo m uch concerned with such m atters.
A nother m atter o f great interest to bankers at this tim e is the super­
vision o f tho affairs o f tho m em ber banks.
As the R eserve A ct develops tho relations between the Reservo banks
and their m embers will becom e m oro intim ate. This was recognized b y
tho Federal Reserve Board in the regulations it issued as to tho admission
o f State banks into tho system .
T h o bank examinations o f tho State supervising authorities will bo ac­
cepted b y tho Reservo B oard, if the Reservo B oard is satisfied as to their
adequacy, in any event the m atter o f the condition o f tho State banks
(which join tho system) is to be the concern o f the Federal Resorvo Bank
Of which they are members.
W hat is true o f the State banks In the latter respect is true also o f N ation­
al banks, and it is daily becom ing m oro apparent that tho Federal Roservo
Bank o f the district Is perfectly com petent to supervise m em ber banks
and givo assurance that their condition meets all requlremenst.
T h o Federal Reserve B oard is now com m only recognized as tho governing
power in tho national banking w orld. I t has so well discharged its duties
that tho public as well as the bankers look upon it with confidence.
N othing w ould be m oro satisfactory than to have tho pow er o f super­
vising all banks that aro members o f the Resorve system rest finally in tho
Federal Reservo B oard.
I have selected tho illustrations given out o f a large number for the pur­
pose o f indicating tho trend o f banking thought.
O f one thing there is com pleto assuranco, tho new banking system has
com e to stay and it should stay. O pposition to it in its entirety is decidedly
inadvisable. T o repeal it would bo a great mistake. T o substitute another
com plete scheme o f banking for it w ould, I think, be equally an error.
Fundam entally the law is sound and it offers as good foundation on
which to build a perfect banking structure as tho country will over secure.
Thoro is m uch in it that will havo to be changed either b y amendment
or b y interpretation.
T ho re-discount provision is am plo assuranco against panic, tho country's
gold supply is now safe from tho raids o f foreign nations, and banking
facilities abroad m ay bo established whenevor tho foreign trado o f the
ocuntry develops sufficiently to indicate that such action will bo profitable.
B ut, we still havo a patchwork currency system and our currency is
elastic only in tho direction o f expansion. B ut, overy problem that comes
up under tho new law is being givon adequate study and overy ono o f them
will be ultim ately solved.
W hat it seems to mo advisable for bankers to d o Is to study the law,
keep pace with its developm ent, to be familiar with every regulation o f
tho Federal R eservo B oard and to show no hesitancy in advertising tho
ways in which tho law does not operate satisfactorily.
W o had a good start toward a sound and scientific banking system.
C ollectively and individually wo aro obligated to contribute to its devel­
opm ent,
I f there aro no erroneous interpretations o f the act, if it is allowed to
develop naturally according to its demonstrated needs, and if Congress,
the Reserve B oard and other Governm ent officials charged with somo
measure o f banking supervision, will refrain from imposing artificial re­
straints on such developm ent, there is n o reason why the system should
n ot reach eventual perfection.
A law which oxprosses the com m on demand and is flexiblo enough to
respond to every need is always tho best law, tho easiest to apply and tho
easiest to enforce.
_________________________________

PRECAUTIONS BY NEW YORK RESERVE BANK RE­
GARDING ACCEPTANCE DEALINGS.
T h e N e w Y o r k F e d e ra l R e s e rv e B a n k is e v id e n t ly ta k in g
p ro p e r p re c a u tio n s in d e a lin g in b a n k e rs ’ a cce p ta nce s. T h is
is a p p a re n t fro m th o fo llo w in g ta k e n fro m th e “ J o u r n a l o f
C o m m e rc e ” o f y e s te rd a y :
There has been considerable discussion in financial circles lately regarding
the recent rule adopted b y tho Federal Reserve Bank o f N ew Y ork gov­
erning the purchase o f bankers’ acceptances In the open m arket. T ho bank
in buying acceptances in tho open market is Insisting upon the soller o f tho
acceptances furnishing tho bank with a guaranty which would protect tho
bank against any loss arising out o f Irregularities in the way o f endorsom entspr for loss that m ay occur through the purchase o f an that accoptanco
m ay have been lost or stolen prior to the salo o f tho paper to the Reserve bank.
In m ost cases— that is, wherever possible— the Federal Resorvo Bank re­
quests a guaranty o f the endorsement on the acceptance b y tho accepting
bank. Thero has been somo criticism o f this practice, but it Is defended on
the ground that the procedure Is necessary as a protection.




[VOL. 101

The Reserve bank buys acceptances either from banks, trust com panies
or through note brokers. In tho case o f tho re-discount o f acceptances,
the Reserve bank has the endorsement o f the member bank which applies
for the re-discount, but in open-m arket operations the bank sometimes deals
with third parties, that is. neither the drawer nor tho accepting bank, and
it is essential, it is contended, that the bank should feel satisfied that the
endorsements on tho acceptance aro genuine and proper in overy w ay.
For that reason, it is requiring brokers who offer acceptances for salo to
obtain tho endorsement, whenever possiblo, o f tho accepting bank, which
places its stamp on the back o f the acceptance as a guarantee o f the endorse­
ments. T h e accepting bank is in a position to know whether the signature
o f tho drawer on the back o f the bill is genuine, whilo the Resorve bank usu­
ally has no knowledge about the drawer or his signature. M oreover, in
m any instances an acceptance has several endorsements on the back o f it,
and the Reserve bank in m aking the purchaso must look to the last endorser
in the event o f non-paym ent. I f tho Resorve bank docs not know tho
signature o f tho last endorser— tho party m ay be absolutely unknown to tho
bank— then the Reserve bank will not buy the acceptance unless the sollor
gives tho bank som e guaranty.
It was explained yesterday that in the case o f a bank or trust com pany
which sells its own acceptances there is no d ifficu lty in obtaining tho en­
dorsement o f the accepting bank. In somo instances whero the request for
an endorsement was requested the banking institution has com plied, but
Intimated that it did not fu lly believe in the practico adopted b y tho Resorvo
bank. This institution pointed out that inasmuch as it was tho accoptor
and the salo o f the acceptance was m ade d irectly to the Reservo bank, no
question o f the genuineness o f the drawer's signature could possibly arise,
and that its acceptance on tho face o f the bill was a guarantee o f tho bill and
Its endorsement.
T ho rule adopted b y the Reserve bank will cause some difficulties, it is
bolieved, in cases where an acceptance is sold in the open market and passes
through several hands before it is purchased b y tho Reservo bank. In
such instances, it is pointed out, the soller o f tho paper will havo to givo tho
Reserve ban ka guarantee o f his own, and if his own guarantee is not consid­
ered satisfactory, the endorsement or guarantee in the form o f a lotter wi 1
have to be obtained from some responsible p a rty acceptable to tho Roservo
bank.
_________________________________

REGULATIONS GOVERNING RE-DISCOUNT OF TRADE
ACCEPTANCES COMMENDED.
T h e issu an ce o n th e 15th in s t. b y th e F e d e ra l R e s e rv e
B o a rd o f re g u la tio n s g o v e rn in g th o re -d is c o u n tin g o f tra d o
a cce p ta nce s, is th o s u b je c t o f c o m m e n d a to ry re m a rk s b y
W illia m F . H . K o e ls c h , V ic o -P re s id o n t o f th o B a n k o f th e
U n it e d S ta te s a n d F i r s t V ic o -P ro s id o n t o f th e N e w Y o r k
C r e d it M e n ’s A s s o c ia tio n . T h o co m m e n ts o f M r . K o e ls c h
a ro o f p a rtic u la r in te re s t in v ie w o f th o fa c t th a t h e e xpressed
th e b o lie f som e m o n th s a go t h a t th o R e s o rv e B o a rd w o u ld
de a l w it h th e q u e s tio n in o x a c tly th o sam e m a n n e r as is o u t­
lin e d b y it . M r . K o e ls c h is q u o te d in th o “ D a i l y T r a d o
R o c o rd ” o f th o 2 3 rd in s t. as s a y in g :
T ho regulations issued b y tho Federal Roservo B oard last week, in­
dicating a preferential rate for the re-discounting o f "trad o acceptances,”
m ay bo regarded as a tim ely step in tho right direction. It is quite evi­
dent that tho purpose o f tho Federal Resorvo B oard is to encourage along
practical lines tho uso o f the acceptance system b y Amorican merchants,
anticipating a m oro general business in re-discounting b y member banks.
Previous regulations b y tho Board bearing upon tho character o f papor
eligible for re-discount appear to have beon issued with a view to loading up
to the regulations regarding trade acceptances.
It has been stated that in view o f the fa ct that Amorican business men
aro accustom ed to trade discounts o f all sorts and descriptions, it will bo
very difficult to get business mon to change their methods o f paying for
goods purchased. This m ay bo a fairly good oxcuse to offer, but it lacks
sound reasoning. T ho solution o f tho problom seoms to lio in eliminating
entirely tho practice o f trado discounts excopt for cash. B y doing this it
is well to consider that tho following results will bo accomplished:
1. The desire o f tho Federal Roservo B oard to substitute trado a c­
ceptances for open accounts as defined b y tho recent regulations.
2. T ho final ending o f tho pernicious practico o f taking unauthorized
and unearned discounts.
3. The conversion, autom atically, o f such portion o f a merchants’ liquid
assets consisting o f book accounts to self-liquidating com m ercial papor, in
form desirable for re-discount In the open markot at advantageous rates.
4. Tho m ost satisfactory definito solution o f tho assigned account prob­
lem .
T he action o f the Fedoral Reserve B oard in m aking such an earnost
endeavor to encourage the use o f trade acceptances as is evidenced b y
tho regulation which provides for a lowor rato o f discount for this class o f
paper, should bo supported b y both bankors and merchants. Earnost co ­
operation along theso lines will accom plish tho result desired.
It seems quite ovident that the question requiring tho m ost attention
at this tim e is that o f eliminating trade discounts, as by doing so, whatever
possible objection there m ight be to converting rigid book accounts into
liquid trado acceptances would scorn to bo rem oved. It m ay bo well to
m ention, also, that in view o f tho .desire o f tho Fedoral Roservo Board to
have this change m ade, it is sure to com e about in tim e, although it m ay bo
necessary for us to havo a period o f tight m oney before this desirablo chango
in business m ethods will bo fully brought abou t.
It must bo obvious to the thinking man that i f an account Is settled
b y tho acceptance o f the debtor for the net am ount at a fixed m aturity,
tho smaller merchant cou ld, through his banking connections and possibly
also in the open discount market, convert tho samo into cash m ore readily
than he can under existing conditions. This Is based, o f course, upon tho
strength o f the acceptor, and thero could bo no question as to tho bill being
tho result o f an actual commercial transaction. T ho subject is ono which
should particularly Interest merchants o f small or m oderate means.
Just ono m ore reference to the desirability o f converting accounts re­
ceivable into acceptances. Under such a condition tho merchant o f small
or moderate means would not bo placed in tho position o f being forced to
hypothecate his accounts receivable In order to meet his own engagements
and to prervent financial embarrassment, which condition occasionally
arises, and frequently results in serious loss to general creditors and harshly
criticized bankruptcy proceedings.
Tho volum e o f commercial papor created in this w ay would regulate it­
self automatically if based upon actual com m ercial transactions, and tho
rulo would apply equally and proportionately to tho dealer o flargo and small
means alike. It Is a subject, however, which should recoivo serious and
prom pt attention b y both merchants and their bankors.

J uly

31 1915.]

THE CHRONICLE

F UR TUER WITIIDRA WA L OF GOVERNMENT DEPOSITS
FROM BANKS.

335

COMPARATIVE FIGURES OF CONDITION OF
CANADIAN BANKS.

A n n o u n c e m e n t t h a t a c a ll w o u ld be m a d e o n th e n a tio n a l
I n tlie fo llo w in g w e c o m p a ro th e c o n d itio n o f th e C a n a d ia n
b a n k s fo r a r e t u r n o f G o v e rn m e n t fu n d s to th e a m o u n t o f b a n k s , u n d e r th e la s t tw o m o n t h ly s ta te m e n ts w it h th e r e t u rn
S3,097,500 b e tw e e n A u g . 10 a n d A u g . 25 cam e fro m S ecre­ f o r J u n e 30 1914.
ASSETS.
t a r y o f th e T r e a s u r y M c A d o o o n th o 2 7th in s t. T h i s a c tio n
June 30 1915. May 31 1915. June 30 1914.
is in fu rth e ra n c e o f th e D e p a rt m e n t ’s p o lic y o f lim it in g those G old and subsidiary coin—
S
S
S
fu n d s in th o d e p o s ita rie s to th e a m o u n t n e c e ss a ry f o r tho
39,762,232
39,681,134
28,948,841
In C anada..................................
E ls e w h e re .................... .............
23,071,245
24,431,627
17,160,111
tra n s a c tio n o f th e G o v e rn m e n t ’s bu sin ess. S e ve ra l m o n th s
T o t a l ________________
a go S o,000,000 o f tho G o v e rn m e n t ’s fu n d s w e re w it h d r a w n
62,833,477
64,112,761
46,108,952
131,224,628
92,114,482
131.064.697
fro m th o n a tio n a l b a n k s . I t w a s e xp la in e d a t th e T r e a s u r y Dom inion notes. _______
D eposit with Minister o f Finance
D e p a rtm e n t th is w e e k th a t th e F e d e ra l R e s e rv o b a n k in g s y s ­
for security o f note circulation
6,667,568
6,777,592
6,741,752
te m is n o w w e ll e sta b lish e d , a n d t h a t s h o u ld a n y o f th o G o v ­ Deposit in central gold reserves
5,500,000
5,900,000
3,050,000
D ue from ban ks___________
120,366,058
113,370,189
123,608,936
e rn m e n t d e p o sito rie s be h a n d ic a p p e d b y th e w it h d r a w a l o f Loans and discounts_________
855,224,449
852,311,518
925,681,966
F e d e ra l fu n d s t h e y ca n e a s ily re a lize cash b y re -d is c o u n tin g B onds, securities, & c_________ 116,093,845 115.715.698 102,344,120
Call and short loans in C anada.
73,628,187
67,401,484
71,516,953
t h e ir c o m m e rc ia l p a p e r.

CONNECTICUT BANKS SEEK TRANSFER FROM BOS­
TON TO NEW YORK RESERVE DISTRICT.
A n a p p lic a tio n fo r t h e ir tra n s fe r fro m th o B o s to n F e d e ra l
R e s o rv o D is t r ic t to th o N o w Y o r k D is t r ic t has been m a d e b y
f if t y - t w o n a tio n a l b a n k s in W e s te rn C o n n e c tic u t. T h o p e ti­
tio n is sig n e d b y th e P re s id e n ts a n d C a s h ie rs o f th o b a n k s
co n c e rn e d , th o a g g re g a te c a p ita l a n d s u rp lu s o f w h ic h is
524,101,000, a n d t h e ir to ta l dep osits $07,709,878. I n ju s t i­
fic a tio n o f th o clia n g o , th e C o n n e c tic u t b a n k s , in a d d re ssin g
th o R e s o rv o B o a rd , s a y :
E ver since tho beginning o f tho national banking system these banks liavo
always transacted the m ajority o f their banking business with N ow Y ork,
which is their natural center and to which m ostly all business o f a financial
as well as a commercial nature autom atically flow s. T o try, therefore, to
change tills natural flow and trend to an artificial and forced point seems, if
we m ay bo allowed to use tho simile, like trying to m ake water flow up hill.
I f left in tho Boston D istrict, these member banks can never derive tho
benefits from tho system which they ought to, becauso it will be unnatural,
inconvenient and burdensome.

T h o b a n k s c o n te n d t h a t te n tim e s as m u c h business is d ono
w it h N o w Y o r k as w it h B o s to n .

FEDERAL RESERVE APPROVALS AS REGISTRARS—
STATE BANKS ENTERING SYSTEM.
T h e I r v i n g N a tio n a l B a n k a n d th o A m e ric a n E x c h a n g e
N a tio n a l B a n k o f N o w Y o r k h a v e been a u th o riz e d b y th o F e d ­
e ra l R e s e rv o B o a rd to a c t as re g is tra r o f s to ck s a n d b o n d s.
T h e F i d e li t y T r u s t C o m p a n y o f K a n s a s C i t y has becom o
a m e m b e r o f th e F e d e ra l Ile s e rv o s ys te m .
T h o G e rm a n A m e ric a n B a n k o f M in n e a p o lis has also
jo in e d th e R e s e rv e s ys te m ; so too has th e B a d g e r S ta te
B a n k o f M ilw a u k e e ; th o la t te r cla im s to be th e fir s t S ta te
in s titu t io n in M ilw a u k e e to becom e id e n tifie d w it h th e n e w
s y s te m . T h o b a n k has in cre a se d its c a p ita l fro m $100,000
to $200,000.
_____________________

CHAIRMAN NAMED FOR NEW ORLEANS FEDERAL
RESERVE BRANCH.
P . I I . S a u n d e rs o f N e w O rle a n s w a s y e s te rd a y ele cte d b y
th o F e d e ra l R e s e rv e B o a rd as C h a irm a n o f th o b o a rd o f
d ire c to rs o f th e N o w O rle a n s b ra n c h o f th o A t la n t a F e d e ra l
R e s e rv e B a n k . T h e N e w O rle a n s b ra n c h is tho f ir s t o f its
k in d a u th o riz e d u n d e r th e F e d e ra l R e s e rv e la w .

RESTRICTION OF USE OF FEDERAL RESERVE NOTES
IN CONNECTION WITH MUNITION PURCH­
ASES NOT POSSIBLE.
T h o e ffo rts o f e x -R e p re s e n ta tiv o I I . R o b e r t F o w le r o f
Illin o is to h a v e re s tric tio n s place d a ro u n d th o F e d e ra l R e s ­
e rv o n o te s w it h a v ie w to p re v e n tin g th e ir use b y b a n k s in
co n n e c tio n w it h tra n s a c tio n s in v o lv in g th o salo o f m u n itio n s
o f w a r h a v e fa ile d . I n a le tte r to M r . F o w le r , w h o p e titio n e d
th e B o a rd in th e c a p a c ity as G e n e ra l C o u n s e l fo r th e n o w ly
o rg a n ize d L a b o r N a tio n a l P eace C o u n c il, th e R e s e rv e B o a rd
decla res t h a t it la ck s th e p o w e r to im p ose th o re s tric tio n s
s o u g h t. I t s le tte r, a d dressed to M r . F o w le r b y G o v e rn o r
C h a rle s S. H a m lin , u n d e r d a te o f th o 2 9 th in s t. s a ys:
Y ou r petition filed Juno 9 1915 on behalf o f the Labor N ational Peace
Council was duly received and submitted to tho Board.
I am directed to say in reply that after analyzing and considering tho
averments and allegations contained therein, tho Board has concluded,
under advice o f counsel, that it is without jurisdiction to try the caso
presented and that it is not within its power, under the laws o f tho United
States, to impose b y regulation tho restrictions which you seek to liavo
imposed upon the operations o f either Federal Keservo banks or national
banks.
Y ou r request for a public hearing is accordingly denied.
I am further directed b y tho Board to repeat the request contained in
its letter to you dated July 21 1915 that you furnish it forthw ith with tho
names o f ail directors whom you charge in said petition with having per­
sonally profited from rediscount transactions o f certain Feredal Keservo
auks.




Call and short loans elsewhere
than in Canada_____________
Other assets__________________

124,604,875
77,957,709

136,098,835
71,959,820

137,120,167
71,209,738

T o t a l ..................................... 1,574,210.820 1,568,792,123 1,575,307,413

LIABILITIES.

Capital authorized____________
Capital subscribed____________
Capital paid u p ________________
Keservo fu n d __________________

S
188,866,666
114,422,566
113,984,389
113,060,988

S
188,866,666
114,422,366
113,982,653
113,060,988

S
192,866,666
115,434,666
114,811,775
113,36S,898

C ir cu la tio n ____ _______________
Governm ent deposits__________
Demand deposits_____________
Tim e deposits_________________
Duo to banks__________________
Bills payable__________________
Other liabilities________________

99,625,426
40,150,471
469,116,377
683,761,432
22,658,013
4,663,236
12,423,374

99,125,136
41,216,160
444,258,166
691,891,287
31,350,248
6,906,395
12,706,098

99,138,029
44,453,738
458,067,832
663,650,230
32,426,404
20,096,365
12,656,085

T otal, not including capital
or reserve fun d----------------- 1,332,398,329 1,327.453,490 1,330.488,683
.— Owing to the omission o f the cents in tho official reports, the
footings in the above d o not exactly agree with tho totals given.

Note

SOLICITING BY TREASURY DEPARTMENT
EMPLOYEES PROHIBITED.
A n o rd e r fo rb id d in g T r e a s u r y D e p a rtm e n t e m p lo ye e s
fro m s o lic itin g o r re c e iv in g fro m a n y p e rs o n o r c o rp o ra tio n
s u b je c t to in te rn a l re v e n u e ta x a tio n co m p e n s a tio n o f a n y
s o rt f o r a d v e rtis in g has b e e n issued b y S e c re ta ry o f th e
T r e a s u r y M c A d o o . T h e o rd e r, w e le a rn fro m th o “ J o u r n a l
o f C o m m e rc e a n d C o m m e rc ia l B u lle t in ,” w ill te rm in a te a
p ra c tic e in th e In te r n a l R o v o n u o S e rv ic e w h ic h lia s ju s t
been b ro u g h t to th e a tte n tio n o f S e c ro ta ry M c A d o o a n d
C o m m is s io n e r O s b o rn b y th o C i v i l S e rv ic e C o m m is s io n as
th o re s u lt o f a re c e n t in v e s tig a tio n b y th e C o m m is s io n
re la tin g to th e p u b lic a tio n o f th e c o n v e n tio n s o u v e n ir p ro ­
g ra m o f th e N a tio n a l F e d e ra tio n o f S to re k e e p e rs a n d
G a u g e rs . T h e “ B u lle tin ” sa ys:
In connection with the program for the third annual convention o f the
Federation, held in Cincinnati in 1910, the Commission found that the
com m ittee on arrangements o f the local branch o f the organization made a
contract for the publication o f the program providing that the publishers
should receive one-half the amounts collected for advertising therein. T he
advertising rate was stated to be $100 per page. T he publication co n ­
tained 43 pages o f advertising m atter. The Commission found that 72%
o f the total advertising came from distillers and other Internal revenue tax­
payers. It is said that S4.897 50 was realized from the advertising, o f
which the Gaugers’ Association received $2,198 75.
W hile the solicitation o f advertising in the souvenir program was not
done directly b y Internal Revenue employees, but b y the publishers with
whom they contracted, the Commission found that the Guagers’ Associa­
tion reaped practically all the benefits therefrom, receiving the souvenirs
without cost and nearly half the cash realized from the advertising. Out
o f these proceeds the Commission found that tho Association paid the ex­
penses incident to the convention, made a political contribution o f S I50
to a Congressional campaign and turned more than $700 into the treasury
o f the local association as a net profit on the transaction.
M r. M cA d o o said: “ T he solicitation o f advertising was m ainly from
Internal revenue taxpayers, persons and corporations with whom the
internal revenue employees had official relations. It is a m ost reprehen­
sible practice that might result in great abuses, and it will not be tolerated
b y Secretary M cA d o o or Commissioner O sborn."

T h e fo llo w in g is th e S e c re ta ry ’s o rd o r in th e m a tte r:
N o persons or persons in the service o f the Treasury Department shall
solicit or receive, or be in any way concerned in soliciting or receiving,
individually or collectively, through the medium o f an association or o f
solicitors or publishers, contracted with or em ployed, or in any other
manner, m oney or any other valuable thing from any person or corporation
subject to internal revenue taxation for advertising in any program, sou­
venir or other publication, or for any other purpose directly or indirectly
connected with any em ployee or em ployees, under penalty o f summary
removal o f any em ployee who makes or is in any way responsible for tho
making o f solicitations for any such purpose, or who receives or is in any
way connected with the receipt o f any contribution from such a source.

ACTIONS BY BANKERS TO TEST WAR REVENUE ACT.
P ro c e e d in g s to te s t th e W a r R e v e n u e A c t o f la s t O c to b e r,
in s o fa r as it im p oses a t a x o n b a n k in g c a p ita l, w e re file d o n
T h u r s d a y o n b e h a lf o f th e F a rm e rs ’ L o a n & T r u s t C o . a n d
th o G u a r a n t y T r u s t C o . o f th is c it y . T w o sep a ra te a ctio n s
h a ve been in s titu te d . T h e G u a r a n t y T r u s t C o . seeks th e
r e c o v e ry o f $22,009, w h ile th e F a rm e rs ’ L o a n & T r u s t C o .

THE CHRONICLE

336

a sks f o r th e r e t u rn o f $3,400. B o th p la in tiffs cla im t h a t th e y
p a id th e m o n e y u n d e r p ro te s t because C o lle c to r A n d e rs o n
th re a te n e d to ta k e step s to co lle c t th o m o n e y th ro u g h th e
c o u rts . T h e y c o n te n d t h a t th e re te n tio n o f th e m o n e y
a m o u n ts to th o t a k in g o f p r o p e rt y w it h o u t d u e process o f la w ,
in v io la tio n o f th e C o n s t it u tio n o f th o U n it e d S ta te s.
GERMAN

S U B M A R IN E SIN K S A M E R IC A N
S T E A M S H IP LEEL A N A W .

T h o A m e ric a n s te a m sh ip L e o la n a w , b o u n d fo r B e lfa s t
fro m A rc h a n g e l w it h a ca rg o o f f la x , w a s to rp e d o e d a n d s u n k
o n th o 2 5 th in s t. b y a G e rm a n s u b m a rin e o ff th o n o rth w e s t
co a st o f S c o tla n d . A l l th o m e m b e rs o f th o vo s so l’s c ro w w o ro
s a v e d a n d h a v e be e n ta k e n to K ir k w a ll. T h o L e e la n a w le ft
N o w Y o r k o n M a y 17 w it h a ca rg o o f c o tto n co n sig n e d to
R u s s ia b y w a y o f G o th e n b u rg a n d w a s d e ta in e d a t K ir k w a ll,
w h ilo in q u irie s w o ro m ad o as to th o p o s s ib ility o f g o ttin g
h e r ca rg o to R u s s ia , as S w e d e n fo rb id s th o e x p o rta tio n o f c o t­
to n . T h o s h ip w a s released o n J u n o 2G w it h p e rm is sio n to
p ro ce e d to A rc h a n g e l, w h e ro th e c o tto n w a s d is c h a rg e d a n d
a c a rg o o f fla x w a s lo a d e d f o r B e lfa s t. T h o fo llo w in g re p o rt
o f th e s in k in g o f th o ve sso l w a s re c e iv e d a t th o S ta to D e p a rt ­
m e n t o n th o 2 8 th in s t. fro m C o n s u l D e n n is o n a t D u n d e e ,
S c o tla n d :
Leelanaw’s crow hero: all safo. Sail Saturday on St. Paul. M aster
under oath states ho sighted German submarine July 25 sixty miles north
o f Orkneys. Endeavored to escape. Fired on at distance o f tw o miles,
shot falling short. H ove to and stopped. Submarine signaled for ship’s
papers, which were sent. A fter examining them , submarine signaled
abandon ship. A m plo tim o given crew to Icavo ship. Fivo shots then
fired at Leelanaw without effect, followed b y torpedo. Crow then taken
on submarine witli lifeboats in tow , after which tw o m ore shots were fired,
last ono setting firo to ship.
Submarine headed toward Orknoys. Leelanaw was scon to sink ono hour
and twenty minutes later. A t 8:30 p. m . another steamor being seon ap­
proaching, crow ordered to boats, in which they proceeded remainder
distance to Kirkwall, arriving 6:30 following morning. Leelanaw was
laden with flax and tow only. Beforo leaving submarine master demanded
ship’s papers. Request refused, his register, customs manifost and bills
o f lading being retained. M aster had no com plaint o f treatment on
submarine.

F o llo w in g tlio re c e ip t o f th o ro p o rt th o S ta to D o p a rtm o n t
o ffic ia ls be g a n th o p re p a ra tio n o f a n o to to G e rm a n y re ­
q u e s tin g p a y m o n t o f dam ages o n th o g ro u n d t h a t th o
P ru s s ia n -A m e ric a n T r e a t y o f 1828 h a d been v io la te d . A
d is p a tc h fro m A m b a s s a d o r P a g o a t L o n d o n w a s re c e ive d
in W a s h in g to n o n th o 2 8 th e m b o d y in g a s ta to m o n t o f th o
a tta c k g iv e n to th o A m b a s s a d o r b y th o B r it is h A d m ir a lt y .
T h o s ta te m e n t is said to b o a r o u t th e p ro v io u s re p o rts o f tho
in c id o n t. A c c o rd in g to a ro p o rt fro m W a s h in g to n o n th o
2 9 th , th o S ta to D o p a rtm o n t tra n s m itte d in s tru c tio n s to
A m b a s s a d o r G e ra rd fo r p ro p e r p re s e n ta tio n to th o G e rm a n
G o v e rn m e n t o f th o c la im f o r th o L e e la n a w . I t is s ta te d t h a t
n o a m o u n t is sot fo r t h in th o a p p lic a tio n f o r in d e m n ity , as
th o D o p a rtm o n t h as n o t re c e ive d th o n o c o ssa ry fig u re s fro m
th o s h ip ’s o w n e rs , b u t th o c la im w ill bo file d im m e d ia te ly .
T h e case o f th o L e e la n a w is v ie w e d b y o ffic ia ls in W a s h in g ­
to n , i t is re p o rte d , as p ra c tic a lly th o sam o as th a t o f th o
A m e ric a n s h ip W illia m P . F r y o , w h ic h w a s s u n k b y th e P r in z
E it o l F r io d r ic h . _________
G E R M A N Y A S K E D TO E X P L A I N A T T A C K O N ORD U N A .

A n o to o f in q u ir y re g a rd in g th o alleg e d a tta c k o n th o
B r it is h ste a m o r O rd u n a b y a G o rm a n s u b m a rin e w a s p re ­
se n te d o n th o 2 7 th in s t. a t th o G o rm a n F o re ig n O ffic o in
B e r lin b y th o A m o ric a n A m b a s s a d o r, Ja m e s W . G e ra rd .
A c c o rd in g to sta to m o n ts m ad o b y th o C a p ta in , passengers
a n d m e m b e rs o f th o c ro w o f th o lin e r w h e n sho a rr iv e d in
th is p o r t o n th o 17th in s t., a G o rm a n s u b m a rin o a tte m p te d
to to rp e d o a n d slio ll th o ve ssel o n th o m o rn in g o f J u l y 9.
T h e r e w e ro 227 passengers o n th o lin e r, o f w h o m 21 w o ro
A m e ric a n s . T h e C o lle c to r o f th o P o r t o f N o w Y o r k , D u d lo y
F ie ld M a lo n o , u n d e rto o k a n in v e s tig a tio n o f th o a tta c k
u n d e r in s tru c tio n s fro m th o T r e a s u r y D o p a rtm o n t. M r .
M a lo n o ’s ro p o rt w a s file d a t th o T r e a s u r y D o p a rtm o n t o n
th o 23d in s t. a n d tra n s m itte d to th o S ta to D o p a rtm o n t, a t
w h o so in s ta n c e th e T r e a s u r y D o p a rtm o n t a c te d . A lth o u g h
th o re p o rt h as n o t b e e n m ad o p u b lic , i t is u n d e rs to o d th a t
i t c o n firm s th o f ir s t a cco u n ts o f th o a ffa ir.
G R E A T B R I T A I N O N U N I T E D S T A T E S PROTES T TO
O R D E R -I N -C O U N C I L .

A n n o u n c e m e n t w a s m ad o o n M o n d a y b y S o c ro ta ry o f
S ta to L a n s in g of' th o re c e ip t fro m G ro a t B r it a in o f a r o p ly to
th o A m e ric a n n o to o f M a r c h 30, w h ic h to o k e xc e p tio n to th o
B r it is h O rd o r-in -C o u n c il v i r t u a l ly d e c la rin g a b lo c ka d e
a g a in s t co m m o rco to a n d fro m G o rm a n y . I t w a s th e n e x ­
p e c te d t h a t th o t o x t o f th o B r it is h n o to w o u ld bo g iv e n o u t
fo r p u b lic a tio n in W e d n e s d a y m o rn in g ’s p a p o rs, b u t a re q u e s t



[Vol. 101.

t h a t it bo w ith h o ld fro m p u b lic a tio n w a s m a d o o n T u e s d a y
b y S ir E d w a r d G r o y , B r it is h M in is t e r fo r F o re ig n A f f a irs .
I t w a s s ta te d in e x p la n a tio n t h a t a n o w n o to (s u p p le m e n ta l
to th a t re c e iv e d o n M o n d a y ) b e a rin g o n th o p ro te s t a g a in s t
B r it is h c o n tra b a n d a n d b lo c ka d o re g u la tio n s w o u ld bo s o n t
b y G r e a t B r it a in to W a s h in g to n w it h in a w e o k . T h o n o to
rc c e iv o d la s t M o n d a y a rg u e s a t lo n g th , it is u n d e rs to o d , in
dofonco o f G r e a t B r it a i n ’s p o s itio n . I t is, i t is s ta to d , a
lo n g , e x h a u s tiv e le g a l d iscu ssio n o f each p o in t m a d o in th o
A m e ric a n co rre s p o n d e n c e . D e fe n c e o f th o r ig h t o f a b e l­
lig e re n t to b lo c k a d e a n e u tra l p o rt th ro u g h w h ic h a n e n e m y is
re c e iv in g su p p lie s , o r a tte m p tin g to m a rk e t h is o w n p ro d u c ts ,
is th o c h ie f a rg u m e n t, it is s ta te d , to bo m a d o in th e su p p le ­
m e n ta l n o te G r e a t B r it a in is p re p a rin g . I t s k e y n o te is a de­
c la ra tio n t h a t th e B r it is h G o v e rn m e n t has s te a d fa s tly h e ld to
th e b ro a d p rin c ip le s o f in te rn a tio n a l la w in a ll t h a t has been
done u n d e r th e O rd e r- in -C o u n c il, a n d t h a t if a n e u tra l G o v e rn ­
m e n t feels a g g rie v e d a t th o a p p lic a tio n o f th o o rd e r, th e re is a
re m e d y in th e c o u rts , o r, e v e n tu a lly , in a rb it ra tio n . G e n e ra lly
i t is h e ld t h a t w h e n a n e u tra l co u n tx-y o r p o rt is m a d e a baso
o f o p e ra tio n s a g a in s t a b o llig o ro n t, th o o th e r b o llig o re n t is
ju s tifie d in b lo c k a d in g su c h c o u n t r y o r p o rt. T h o a c tio n
o f th o U n it e d S ta te s d u rin g th o C i v i l W a r in b lo c k a d in g
B r it is h Is la n d s , B e rm u d a s , is c ite d as a w a rr a n t f o r th o a c tio n
o f-th o B r it is h G o v o rn m o n t in p ro v e n tin g goo d s fro m re a c h ­
in g G o rm a n y fro m th o U n it e d S ta to s th ro u g h D e n m a rk , H o l­
la n d o r S w e d e n . T h o o rig in a l A m o ric a n b lo c k a d o o n th o
w e s t sido o f B e rm u d a p ro v e d d e fic ie n t, th o A m e ric a n w a r ­
ship s w e ro s ta tio n o d o n th o east sid o, a n d t h ro u g h o u t th o re ­
m a in d e r o f th o w a r n o goods w e ro p e rm itte d to ro a c h B e r ­
m u d a th a t m ig h t bo tra n s -s h ip p e d to th o C o n fe d e ra te S ta to s .
T h a t a c tio n w a s s u s ta in e d , it is c la im e d , b y th o U n it e d S ta te s
S u p re m o C o u rt .
A s s u m in g a s u ffic ie n t le g a l basis fo r su c h a sto p p a g e o f tra d o
w it h G o rm a n y th ro u g h th o n e u tra l p o rts o f N o r t h e r n E u ro p o ,
th e n o w n o to , i t is ro p o rto d , m a ke s th o p o in t t h a t th o o n ly
w a y to a sc o rta in th o re a l d e s tin a tio n o f su p p lie s fro m A m o ric a
co n sig n e d to th o so n e u tra l c u n trie s is to c o n sid e r th o a m o u n t
o f th o goo ds co n su in o d in th o ir n o rm a l tra d o , fo r i t is co n ­
te n d e d t h a t th o s m a llo r N o r th o rn E u ro p e a n c o u n trie s a ro so
m u c h in fe a r o f G o rm a n y t h a t t h o y fa il to p ro v o n t, tlm o u g h
a c tu a l o m b a rg o o s, th o ro -s h ip m o n t o f su c h goo ds in to G o r­
m an y.
O n J u l y 17 fo rm a l n o tic e w a s g iv e n to G ro a t B r it a in ,
t liro u g h A m b a s s a d o r P a g o , th a t tho U n it o d S ta tos G o v o r n ­
m o n t w o u ld n o t a cco p t th o O rd o r-in -C o u n c il as a s u b s titu te
fo r in te rn a tio n a l la w , so f a r as it a ffe c te d A m e ric a n co m m e rce .
I t w a s in e ffe c t a re ite ra tio n o f th o s ta to m o n t m a d o in th o
A m o ric a n n o to o f M h r c li 30 a n d O c t. 22, t h a t th o U n ite d
S ta to s G o v o rn m o n t w il l in s is t t h a t th o rig h ts a n d d u tie s o f
th o U n ito d S ta te s a n d its c itizo n s in th o p ro so n t w a r s h a ll bo
d o fin e d b y th o o x is tin g ru le s o f in te rn a tio n a l la w , a n d th o
tre a tie s o f th o U n it o d S ta to s, irre s p e c tiv e o f th o D e c la ra tio n
of London.
T h o J u l y 17 n o tic o to o k tho fo rm o f a b rie f s ta te m e n t p ro son ted to th o B r it is h F o ro ig n O ffic o . S o c ro ta ry o f S ta to
L a n s in g o xp la in o d a t th o tim o th a t th o c o m m u n ic a tio n w a s
n o t to bo co n fu se d w it h th o g o n o ra l n o to ro ta tin g to c o n tra ­
b a n d a n d in to rfo ro n c o w it h co m m o rco o n th o h ig h seas, w h ic h
h as beon in co u rso o f p re p a ra tio n b y th o U n it e d S ta to s G o v ­
e rn m e n t f o r som e tim o .
I h o s ta to m o n t ho d oscribod as
b e in g in th o n a tu ro o f a le g a l c a v e a t, g e n e ra lly c o n s e rv in g th o
rig h ts o f c itize n s o f th o U n it e d S ta te s w h o so cases a ro a b o u t
to bo trio d b y th e E n g lis h p riz o c o u rts . T h o fo llo w in g s y n o p ­
sis o f th o c a v o a t w a s m ad o p u b lic b y th o S ta to D o p a rtm o n t
a t W a s h in g to n o n th o 17tli:

In viow of differences which aro understood to exist between tho two G ov­
ernments as to tho principles of law applicable in prize court proceedings in
cases involving American interests, and to avoid any misunderstanding as to
the attitude of tho United States in regard to such proceedings, tho Govern­
ment of tho United States informs tho British Government that in so far as
tho interests of American citizons aro concerned, it will insist upon their
rights under tho principles and rules of international law as hitherto estab­
lished, governing neutral trado in timo of war, without limitation or impair­
ment by Orders-in-Council or other municipal legislation by tho British
Government, and will not recognize tho validity of prizo court proceedings
taken under restraint imposed by British municipal law in derogation of tho
rights of Amorican citizens under international law.
I n m a k in g k n o w n t h a t M o n d a y ’s n o to fro m G ro a t B r it a in
w o u ld bo w ith h o ld u n t il th o ro c o ip t o f tho a d d itio n a l c o m m u n ­
ic a tio n fro m G r o a t B r it a in , S o c ro ta ry L a n s in g d e c lin o d to
a d va n c o a n y t h e o ry fo r s u p p lo m o n tin g th o f ir s t c o m m u n ic a ­
tio n . T h o A m o ric a n n o to , w h ic h has boon in p re p a ra tio n fo r
som e tim o , w il l bo f u r t h o r d e la y e d u n t il th o s u p p le m e n ta ry
d o c u m e n t is in h a n d . I t w a s a t fir s t sup po sed b y o ffic ia ls
th a t s ta to m o n ts in th o la s t A m o ric a n n o to to G e rm a n y ,
w h ic h w o ro o f g o n e ra l a p p lic a tio n a n d sot o u t th o p u rp o se o f
th o U n it e d S ta te s G o v o rn m o n t to m a in ta in th o fre e d o m o f th o

J uly 31 1915.]

THE CHRONICLE

soas, m ig h t h a v o in flu e n c e d th o B r it is h F o re ig n O ffic e to
d e a l w it h t h a t s u b je c t in th o sam o n o to w h ic h d o fo n d s th o
O rd o r-in -C o u n c il. F r o m B r it is h sou rce s, h o w o v o r, i t is sa id
to h a v o beon le a rn e d t h a t tho m a in p u rp o so o f a s k in g th o
p o s tp o n e m e n t o f p u b lic a tio n w a s to a ffo rd o p p o r t u n it y to
th o B r it is h G o v e rn m e n t to c o n s id o r, a n d if n e c e ss a ry c o m ­
m e n t u p o n , th o c o m m u n ic a tio n ca b le d fro m W a s h in g to n
J u l y 17 in re g a rd to cases b o foro th o B r it is h p riz o c o u rts .

PRESIDENT WILSON TO STUD Y NA TIONAL DEFENCE.
A n n o u n c e m e n t t h a t P re s id e n t W ils o n h a d ca lle d f o r re ­
p o rts o n th o s u b je c t o f n a tio n a l dofonco w a s m a d e o n th o
23d in s t. T h o P re s id e n t w ill m a k e a s tu d y o f th o s u b je c t
d u rin g h is v a c a tio n a t C o rn is h , N . H . , w h o ro ho re tu rn e d
f o r a n in d e fin ite s ta y o n th o 2 4 tli, fo llo w in g th o p u b lic a tio n
o f th o n o to to G e rm a n y . I n m a k in g k n o w n t h a t th o P ro s id o n t w a s g iv in g a tte n tio n to th o m a tte r, th o fo llo w in g s ta te ­
m e n t w a s issued a t th o W h it e IIo u s o o n th o 23d:
T he President has been considering overy phaso o f tho m atter o f national
dofonco, and intends immediately on his return to Washington to confer
with tho Secretary o f W ar and the Secretary o f tho N avy, his purposo be­
ing to procuro inform ation on winch ho can form ulate a sano, reasonable
and practical program o f national defence.

CLAIMS AGAINST GERMANY FOR REQUISITION OF
PROPERTY IN BELGIUM, FRANCE AND POLAND.
In s tru c tio n s to A m e ric a n s d e s irin g to p re s e n t cla im s a g a in s t
G o rm a n y g ro w in g o u t o f th o re q u is itio n o f p r o p o r t y in B e l­
g iu m , N o r t h o r n F ra n c o a n d P o la n d h a v o beon issu ed b y
th o S ta to D o p a rtm o n t. T h o U n it e d S ta te s has beon o ffi­
c ia lly a d vis e d o f th o G o rm a n G o v e rn m e n t ’s c re a tio n o f “ th o
Im p e ria l In d e m n it y C o m m is s io n ” to c o n sid o r cla im s f o r
c o m p e n s a tio n f o r p r o p o r t y re q u is itio n e d in o n o m y t e r r it o r y
o ccu p ie d b y G o rm a n m ilit a r y fo rce s . T h o ru le s o f p ro c e d u ro
re q u iro t h a t th o C o m m is s io n ’s p ro ce e d in g s sh a ll bo co n d u c te d
in G o rm a n a n d t h a t d o c u m e n ts s u b m itte d in a n y o th o r
la n g u a g o w ill bo co n sid e re d o n ly w h o n a cco m p a n ie d b y c e r­
tifie d G o rm a n tra n s la tio n . N u m o ro u s cla im s, it is s ta to d ,
h a v o a lre a d y be e n p re s e n te d a n d pressed f o r a c tio n b y th o
D e p a rtm e n t. T h o D o p a rtm o n t does n o t a ecop t in p r in ­
c ip le o f ta k in g o f p r o p e rt y t h a t doe3 n o t com o u n d e r th o h ea d
o f n e c e s s ity . C la im s o f A m e ric a n s a ro b e in g file d b y A m ­
b a ssa d o r G e ra rd w it h th o G e rm a n F o ro ig n O ffie o f o r p re se n ­
ta tio n to th o C o m m is s io n . T h o D e p a rtm e n t w ill tra n s m it
to th o A m b a s s a d o r p a p e rs in su c h cla im s w it h th o u n d e r­
s ta n d in g t h a t th o A m b a s s a d o r ca n do n o th in g m o ro “ a t
p re s o n t” th a n fo r w a rd th o pa p o rs to th o G e rm a n F o re ig n
O ffic e , a n d t h a t th o c la im a n ts p e rs o n a lly o r b y a tt o r n e y
m u s t ta k o o th o r n e c e ss a ry stops in c o n n e c tio n w it h th o p re ­
s e n ta tio n o f th o cla im s.
T h o D o p a rtm o n t has also been in fo rm e d th a t th o G o rm a n
G o v e rn m e n t has ta k o n stops to o rg a n izo a “ b o a rd o f a rb i­
t r a t io n ” to c o n sid e r cla im s fo r p r o p o r t y re q u is itio n e d in
G o rm a n y . P r o m p t a c tio n in filin g o f cla im s is sug g e ste d .
T h o Im p e ria l In d e m n it y C o m m is s io n is co m po so d o f f iv o
m o m b o rs, e m b ra c in g tlire o ju ris ts a n d tw o m e rc h a n ts . I t
m a y d iro c t p a y m o n t o f in d e m n ity , a w a rd r e t u r n o f th o goo ds
in s te a d o f d e te rm in in g “ h o w fa r th o le g a l p ro h ib itio n a g a in s t
p a y m o n t c o n flic ts w it h th o liq u id a tio n o f in d e m n it y .” T h o
p ro ce e d in g s a ro n o t p u b lic , aro h e ld a t B e r lin o r o lsow h e ro ,
a n d h e a rin g s precedo decisions.

GERMAN-AM ERICAN ALLIANCE CONDEMNS “ AU­
TOCRATIC ACTION” OF PRESIDENT WILSON.
A re s o lu tio n c o n d e m n in g as a n a ttitu d o “ o q u iv a lo n t to a n
u lt im a tu m ” th o “ a u to c ra tic a c tio n ” o f P re s id e n t W ils o n
as o m b od io d in h is n o to to G o rm a n y o f th o 21st in s t. in w h ic h
h o s ta to d t h a t a n y n o w a tta c k b y G o rm a n s u b m a rin e s w o u ld
bo ro g a rd e d as “ d o lib o ra te ly u n f r ie n d ly ,” w a s a d o p te d o n
th o 2 5 th in s t. b y th o G e rm a n -A m e ric a n A llia n c e o f N o w
Y o r k S ta to in a n n u a l c o n v e n tio n a t U t ic a . T h o re s o lu tio n ,
w h ic h w a s d ra w n u p b y a special c o m m itte o , roa ds as fo llo w s :

Whereas,

President W ilson in his last noto has expressed tho threat against
Gormany that any now caso o f an attack on unarmed ships, causing tho
death o f Amorican citizens, will bo considered as a deliberately unfriendly
a ct, thereby assuming toward tho German G overnm ent, which insists that
it cannot coaso its submarine blockado against England in self-defense, an
attitudo which is equivalent to an ultimatum.
This standpoint o f our Governm ent makes impossible any com ­
promise or a settlement o f differences by arbitration and is not in accordance
with tho humanitarian, peace-p rom otin g!p olicy o f our R epublic, thus
creating a situation out o f which Congress Iwhen oventually called can
hardly find a solution other than a declaration o f war against our old
Fatherland.
Germany in this controversy has made concessions to our G o v­
ernment which will guarantee tho safety o f American passengers as long as
wo d o not export war material to belligcrents'on passenger ships, thereby
pointing out between two friendly nationsplio way for an amicablo settle­
m ent o f existing as well as future d ifferen ces ^ J in o with our past arbitra­
tion policy: ho it

Whereas,

Whereas,




337

Resolved,

That w o, tho German-American Alliance o f the State o f New
Y o rk , in convention assembled at U tica, July 23-25, condem n this auto­
cratic action o f tho President, taken without previous consent o f Congress,
as a dangerous usurpation o f pow er and a peril to our peaco: that we support
with tho greatest energy tho standpoint o f tho “ friends o f p eace,” as ex­
pressed in tho recent gigantic mass meeting attended b y 100,000 citizens
at M adison Squaro Garden in N ew Y ork C ity , and wo appeal to tho p e a co
loving people o f our country, and especially to tho Americans o f German
origin, who are affected m ost b y a con flict with their m other country, to
tako part b y mass dem onstrations and b y overwhelming attendance at the
N ational Peaco Congress to be held at Chicago on Sept. 5 and 6 1915, so as
to demonstrate to tho President that, excepting in the case o f a hostilo
attack or an invasion o f our cou ntry, tho American people aro determined
not to lot thomselves bocom o involved in w ar with any nation.

T l i o s ig n e rs o f th o re s o lu tio n a ro said to in c lu d e T h e o d o ro
S u tro o f N o w Y o r k , H e n r y W . B re n d o l o f B u ffa lo , A le x ­
a n d e r E . O b e rla n d e r o f S yra c u s e a n d D r . H u g o S c h w e itze r
o f B r o o k ly n .
T h o c o n v e n tio n also a d o p te d a re s o lu tio n re g is te rin g a
p ro te s t a g a in s t th o e x p o rt o f w e a p o n s a n d m u n itio n s o f w a r,
th o in e v ita b le re s u lt o f w h ic h , a c c o rd in g to th o re s o lu tio n ,
h as beon to cro a to “ se rio u s p o litic a l c o m p lic a tio n s ” b e tw e e n
th o U n it e d S ta te s a n d G e rm a n y w h ic h th re a te n to b r in g
n o a ro r w a r b o tw e o n th o fr ie n d ly n a tio n s . I t w a s “ re s o lv e d
t h a t th is A llia n c o , in c o n ju n c tio n w it h m illio n s o f peacolo v in g frie n d s o f th o S ta to o f N e w Y o r k , in th o n a m o o f
h u m a n ity p ro te s ts a g a in s t su c h e x p o rts o f a rm s a n d h e ro b y
p e titio n s th o P re s id e n t o f th o U n it e d S ta te s to ta k o lega l
step s to p u t a s to p to s u c h o x p o rt in th e in te re s t o f th e
p ro s o rv a tio n o f p e a co .”

EXTENSION OF MORATORIUM IN PARAGUAY.
T h o L o n d o n “ E c o n o m is t” in its issue o f J u l y 17 c o n ta in s
th o fo llo w in g re g a rd in g th o e xte n s io n o f th e m o ra to riu m in
P a ra g u a y :
•
T lio "B oa rd o f Trado Journal” reports tho publication o f a law extending
tho operation o f tho Paraguay M oratorium Law. A sum mary o f tho
original law was published in tho "B oa rd o f T rado Journal” o f Jan. 28.
Tlio present law extends tho moratorium for debts duo between August and
M a y last from 290 to 320 days.

TIIE CHICAGO EXCURSION DISASTER.
T h o d is a s te r w h ic h v is ite d C h ic a g o la s t S a tu rd a y m o rn in g
in th o c a p s izin g o f th o e xc u rs io n s te a m e r E a s tla n d c la im in g
th o liv e s o f o v e r 1,100 peoplo is a lro a d y th o s u b je c t o f
s o v o ra l in v e s tig a tio n s — F e d e ra l, S ta te a n d C i t y .
Tho
ca ta s tro p h o re s u lte d in a loss o f lifo a lm o s t as g ro a t as t h a t
s u ffe re d in th o s in k in g o f th o T it a n i c in 1912 w h o n 1517 w o re
d ro w n o d a n d o x c e e d s in its d e a th to ll a g re a te r n u m b e r th a n
w a s lo s t in th e b u rn in g o f th o G e n o ra l S lo cu m in th o E a s t
R i v o r in 1904, c a u sin g th e d e a th o f 959 p eo plo. T h o E a s t ­
la n d w a s c h a rte re d to c a r r y som e o f th o se w h o w o ro to ta k o
p a rt in th o a n n u a l p ic n ic p la n n e d b y th o W e s te rn E le c t r ic
C o m p a n y f o r its e m p lo ye e s a n d a rra n g e d f o r a t M ic h ig a n
C i t y , I n d ., a cross L a k e M ic h ig a n . T h o s te a m e r, w h ic h w a s
th o fir s t o f f iv e sch e d u le d to le a vo C h ic a g o w it h th o e x c u r­
sio n is ts , o v e rtu rn e d a t h e r p ie r in th o C h ic a g o R i v e r , ju s t
as slio w a s to d e p a rt; th o c a p s izin g o f th o vo sse l o c c u rre d
w it h in f iv o m in u te s a fto r sho w a s seen to lis t h o a v ily to th o
sido; th o h a w s e rs w o ro s till a tta c h e d to th o ve ssel w h e n sho
w o n t o v e r a n d th o fo rc e o f its p lu n g o to ro th e p ilin g s fro m th o
p io r. M a n y th e o rie s h a v o b e e n a d va n c e d f o r th o d is a s te r
b u t a p p a re n tly th o a c c id e n t w a s du o to th o fa c t t h a t th e
sto a m o r w a s n o t p ro p e rly b a lla ste d ; i t is also ro p o rto d th a t
th o vessol h a d o n b o a rd m o ro passongors th a n th o 2,500
sho w a s o ffic ia lly a u th o riz e d to c a r r y . T h o b o a t w a s b u ilt
in 1903 a t P o r t H u r o n , M ic h ., b y th e P o r t H u r o n S h ip
B u ild in g C o m p a n y a n d s e e m in g ly h a d be e n f a u lt y fro m th o
s ta r t. W . J . W o o d , a n a v a l a rc liite c t w h o w a s ca llo d u p o n
b y th o o w n e rs to c o rre c t c e rta in fa u lts in 1903, w a s q u o te d
as s a y in g o n S a tu rd a y la s t:
T he fault in tho Eastland was in tho hull. I told the builders at tho time
I was called to inspect some parts o f it that it was not properly designed,
and they told mo that they had spent $2,000 for inspection and were willing
to spend $10,000 to have it right. Subsequently thoy sold the boat and they
seemed never to havo favored it very m uch. A fter the Eastland was
com pleted $35,000 was spent to correct faults, but tho vulnerable parts
wero in tho hull, and I got m y first sight o f it to-day as I saw the boat
overturned in tho river. There are certain fundamental principles applying
to naval architecture which seem not to have been carried out.
Tho Eastland had almost no b od y at all, and this was its main weakness.
Othor boats on tho lakes look as top heavy as did tho Eastland but thoy aro
absolutely safe because their hulls are properly constructed.

T l i o s te a m e r f o r m e rly (fro m 190G to 1913) c a rrie d e x­
c u rsio n ists b o tw e e n C le v e la n d a n d C e d a r P o in t a n d h e r
p ro p e n s ity to lis t is sa id to h a v e been n o tic e a b lo a t t h a t
tim o . H o r m o s t seriou s a c c id o n t b e fo ro la s t S a tu rd a y is
ro p o rte d to h a v o o c c u rre d o n J u n o 6 1913 w h e n sho w e n t
a g ro u n d w it h m o ro th a n 400 passengors o n b o a rd a n d w a s
n o t roleased u n t il th o fo llo w in g m o rn in g .
I n 1906 th o s te a m e r w a s ta k o n o v e r b y th o E a s tla n d N a v i ­
g a tio n C o m p a n y o f C le v e la n d . T h o D e p o s ito rs ’ S a v in g s

338

THE CHRONICLE

[Vol. 101.

There is no cause to ba alarmed. The defendants will not be dispossessed.
& T r u s t C o ., T o m L . J o h n s o n ’s B a n k , is said to lia v o h a d
T he unions o f this country will corao to the aid o f the hatters before the
a b o u t $175,000 o f E a s tla n d b o n d s w h e n it w a s ta k e n o v o r b y homos are seized, and, in fact, such a plan has been arranged for a long time.
th o F i r s t N a tio n a l B a n k o f C le v e la n d in 100S. I t h a d su b ­
T h o S a v in g s B a n k o f D a n b u r y p a id o n th o 16th in s t. to
s e q u e n tly be e n p u rc h a s e d b y th o S t. J o s o p li-C h ic a g o S to a m - D . E . L o o w o & C o . $19,423 as p a rt o f th o ju d g m o n t o rd e re d
s h ip C o m p a n y , th o p re so n t o w n o rs ; it h a d been leased fo r b y th o U n it e d S ta te s S u p re m o C o u r t in th o D a n b u r y H a t ­
th o W e s te rn E le c t r ic e x c u rs io n b y th e In d ia n a T r a n s p o r t a ­ te rs ’ lit ig a t io n . T h o s u m re p re s e n ts th o doposits o f in d iv id ­
tio n C o m p a n y .
u a l h a tte rs , a tta c h e d w h e n th o s u it w a s fir s t in s titu te d in
A g ra n d j u r y in v e s tig a tio n w a s s ta rte d b y S ta to A t t o r n o y 1902. O t h e r b a n k s w h e re th o h a tto rs ’ m o n e y is tie d u p
M a c la y H o y n e w it h in a fe w h o u rs o f th o c a ta s tro p h e la s t w ill soo n m a k e p a y m o n ts to th o c o m p a n y , it is sa id .
S a tu rd a y ; F e d e ra l J u d g e L a n d is also s u m m o n e d a special
j u r y to p ro b o th o d is a s te r, a n d S e c re ta ry o f C o m m o rc e
R e d fie ld , a c tin g u n d e r in s tru c tio n s fro m P re s id e n t W ils o n ,
lik e w is e im m e d ia te ly o rd e re d a f u ll in v e s tig a tio n . S e c re ta ry
O n M o n d a y n ig h t ( J u l y 26) th o C o m m itto o o n S ta te
R e d fie ld a rr iv e d in C h ic a g o o n th o 2 7 th in s t. to p e rs o n a lly F in a n c e a n d E x p e n d it u re s o f th o C o n s titu tio n a l C o n v e n tio n
s u p e rin te n d th o in q u ir y o f h is d e p a rtm e n t. T h is is th o fir s t in session a t A lb a n y s u b m itte d to th o C o n v e n tio n its re p o rt
tim o , it is c la im e d , t h a t a d is a s te r o f t h a t k in d has boon o n th o s o v o ra l p ro p o se d a m e n d m e n ts re la tin g to th o S ta te
p ro b e d b y a F e d e ra l g ra n d j u r y . T h o E a s tla n d , s a n k a t a d e b t a n d th o s in k in g fu n d s c re a te d fo r th o sam o. T h o
p io r, b u t as a vossol p ly in g th e n a v ig a b le w a te rs o f th o U n it e d r e p o rt w h ic h is g iv e n in f u ll b o lo w w a s p re se n te d b y th o C h a ir ­
S ta te s th o case, it is a sso rte d , lios w it h in th o p ro v in c o o f th o m a n , H e n r y L . S tim s o n . I t is a n in te re s tin g d o c u m o n t a n d
F e d e ra l G o v e rn m e n t to d e te rm in e w h o re th o b la m e lies.
re c o m m e n d s im p o r ta n t re fo rm s in th o fin a n c ia l m e th o d s o f
A C o ro n e r’s j u r y re tu rn e d a v e r d ic t o n th o 28th p la c in g the th o S ta to :
Y ou r Com m ittee has considered the present situation o f tho debts o f the
b la m o fo r th e loss o f liv e s b y th o c a p s izin g o f th o s te a m e r on
o f N ew Y ork , the sinking funds created for such debts and the provi­
s ix m e n — W illia m I I . H u ll , G o n e ra l M a n a g e r o f tho C liic a g o - State
sions o f Article Seventh o f tho Constitution and o f tho statutes governing
S t. Jo s e p h S to a m sh ip C o ., o w n e r o f th o E a s tla n d ; C a p ta in and relating to such debts. It has also given consideration to the various
H a r r y P e d e rse n o f th o E a s tla n d ; J . M . E ric k s o n , o n g in e o r; proposed amendments relating to this article which havo been referred to
it b y tho C onvention. As a result o f such investigation, it reports to the
It o b o r t R e id , F o d e ra l In s p e c to r o f S te a m sh ip s, w h o g a v e tho Convention
a Proposed Amendment embracing its recommendations in
E a s tla n d liconso to c a r r y 2,500 passengers o n J u l y 2; J . C . respect to A rticlo Seventh o f tho Constitution.
The
Increase
of Indebtedness in New York on the Part of the State and Its
E c k l if f , F e d e ra l In s p e c to r o f S te a m sh ip s, a n d V . K . G ro o n o Subdivisions.
b a u m , G e n e ra l M a n a g o r o f th e In d ia n a T r a n s p o r t a t io n C o .,
Y ou r C om m ittee finds that the net debt o f N ew Y ork Stato over and
lessee o f th e E a s tla n d . T h o j u r y re c o m m e n d e d t h a t th o y abovo all sinking funds has increased from $7,400,000 in tho year 1903 to
bo h e ld fo r in d ic tm o n t o n ch a rg e s o f m a n s la u g h te r. F o l­ over $145,500,000 at tho present tim e. T ho gross debt outstanding to-day
lo w in g th o v e r d ic t o f th e C o ro n e r’s in q u ir y , M e s s rs . R e id , is over $186,000,000. T ho total authorized debt to-day is over $231,000,000.
During this period tho population has only incroascd from 7,650,000 in 1903
E c k lif f , G re o n e b a u m , E ric k s o n a n d P e d e rso n w e re a rre s te d to 9,899,000 in 1914. T ho por capita net State debt has thus arisen from
$0.94
por capita in 1903 to approxim ately $15.04 at present. N ew Y ork
o n th o 2 9 th. W a lt e r C . Steele o f S t. Jo s o p h , M ic h ., Sec­
at prosent not merely tho largest total dobt, but by far the largest per
r e t a r y a n d T r e a s u r e r o f th o C h ic a g o -S t. Jo s e p h S te a m sh ip has
capita direct dobt o f any o f tho United States. It is much larger than those
C o ., w h o h a d beo n p re v io u s ly a rre s te d a n d d is ch a rg e d , w a s o f the largo states which aro its neighbors. Pennsylvania has practically
a rre s te d a ga in o n th o 2 9th b y one o f S ta to ’s A t t o r n o y I l o y n o ’s no debt, its sinking fund accumulations exceeding its indebtedness. In
Illinois, tho per capita debt is but $0.39; in N ow Jersoy, $0.24; in Indiana,
d o te c tive s o n a clia rg o o f c rim in a l carelossnoss, a lth o u g h no $0.49;
in M ichigan, $2.41, tho foregoing figures being for 1913.
w a rr a n t h a d boon issuod . I I o w a s s u b s e q u e n tly roleased
Correspondingly thero has been recently shown in Now Y ork a tendency
on
tho
part o f tho political subdivisions o f tho Stato to greatly increase
o n a b o n d o f $10,000.
their indebtedness. T ho Unitod States Census Bureau Bullotin o f 1915 on
S o c ro ta ry R o d fio ld m ad o p u b lic o n S u n d a y co rro sp on d o n co “ C ounty and M unicipal Indebtedness" makes tho following statement:
“ T he civil divisions o f tho State o f N ow Y ork reported a total in­
h o h a d h a d re c o n tly w it h W . I I . H u l l o f th o S t. Jo so p h debtedness far in excess o f that reported b y any other State. Tho
C h ic a g o S to a m s h ip C o m p a n y , o w n o rs o f th o E a s tla n d ,
total Indebtedness, less sinking fund sssots was $1,046,226,813, which
re g a rd in g th e re q u ire m e n ts im p o se d u n d o r th o n o w S o a m a n ’s
amount was equal to 3 0.1 % o f tho indebtedness o f all civil divisions
in tho United States and m oro than four timos tho amount reportod by
A c t , w h ic h goos in to e ffo c t in N o v e m b e r.
Pennsylvania which ranks second in total d e b t.”
A c c o rd in g to th o la te s t lis t th o d o a th s duo to th o d isasto r
The per capita figures for municipal and county indobtedbess also show
a g g re g a te 1106; a lto g o tlvo r i t is re p o rte d th o ro w o re 2,480 preeminence on tho part o f N ew Y ork. Its per capita county and m uni­
o n b o a rd th o ve sse l, o f w h o m 2,408 w o re passongors a n d 72 cipal debt is $107 71. T ho next highest por capital debt o f the various
States is $70 21 for tho State o f W ashington; $61 66 for N ow Jersoy; $57 86
m o m b o rs o f th o c ro w ; th o rescu e d n u m b o ro d 1,002; 831 for
Oregon; $52 86 for Massachusetts; $51 18 for California and $47 23
b o d ios h a v o th u s fa r boon re c o v e re d .
for Ohio.

PROPOSED REFORMS IN STATE’S FINANCIAL
METHODS.

CONSTITUTIONAL AMENDMENT FOR CUMULATIVE
VOTING AT CORPORATION ELECTIONS REJECTED.
A d v e rs e a c tio n o n th e c o n s titu tio n a l a m e n d m e n t in te n d e d
to m a k o c u m u la tiv e v o tin g fo r d ire c to rs o f c o rp o ra tio n s b y
s to c k h o ld e rs c o m p u ls o ry w a s ta k e n b y th o C o m m itte e on
C o rp o ra tio n s o f th o C o n s titu tio n a l C o n v e n tio n a t A lb a n y on
T u e s d a y , w h e n it re je c te d th e p ro p o s a l b y a v o to o f 13 to 3.
T h o c o m m itte e h a d p re v io u s ly t e n t a t iv e ly a p p ro v e d tho
a m e n d m e n t p r io r to th o p u b lic h e a rin g o n it o n th e 2 0th in s t.
A re fe re n c e to th e h e a rin g a p p e a re d in theso co lu m n s la st
w eek.

FORECLOSURE SUITS FILED IN DANBURY HATTERS'
CASE.
F o re c lo s u re s u its a g a in s t th o d o fo n d a n ts in th o so-called
D a n b u r y H a t t e r s ’ caso w e re file d in th o U . S . D is t r ic t C o u rt
a t H a r t f o r d o n th o 2 6 th in s t. b y co u nse l fo r D . E . L o o w o &
C o . O n th o sam o d a y a n o tic e o f in te n tio n to forocloso w a s
file d in D a n b u r y a g a in s t th o d o fo n d a n ts.
T h o cases a ro
re tu rn a b le to th o U . S . D is t r ic t C o u r t a t H a r t f o r d o n S o p t. 4.
T h o dam ages to th o a m o u n t o f $252,130 99 a w a rd e d to th o
f ir m w e re a ffirm e d b y th o U . S . S u p re m e C o u rt la s t J a n u a r y .
I n a re s o lu tio n a d o p to d in M a y , th o U n ito d H a tt e rs o f N o r t h
A m e ric a p ledged a ssistan ce to tlioso o f its m o m b o rs a ffe c te d
b y th o ju d g m e n t. T h o re s o lu tio n p ro v id e d fo r a n assess­
m e n t o f 1 % o n th o w e e k ly e a rn in g s o f each m e m b o r “ to bo
used a n d .o m p lo ye d b y th o o ffic o rs o f th is o rg a n iza tio n in
su c h m a n n e r as tho^ -m a y doom be st f o r th o ro lio f a n d b o n e fit
o f said m e m b e rs .” T h o s o rv in g o f th o w r it s a n d subpoonas
u p o n th e 166 in d iv id u a l d e fe n d a n ts n a m e d in th o fo re clo su re
p ro ce e d in g s w a s b e g u n o n th o 2 8 th . I n e x p la n a tio n o f tho
fa c t t h a t n o c o n c e rn w a s s h o w n th is w c o k b y tlioso a ffo cte d
b y th o fo re c lo s u re s u its , ono o f th o o fficia ls o f th o U n io n is
q u o te d as s a y in g :



In eleven yoars, 1902 to 1913, tho per capita debt o f this class in New
Y ork has grown from $56 56 to $107 71, an increaso g f 9 0 .4 % . Y ou r
Com m ittoo finds that while tho credit o f tho Stste is still very high, this
great increaso in its indebtedness has been noticed and com m ented on
in tho investm ent m arkot and that thero is an increasing tendency on the
part o f investors to scrutinize our securities and to domand an im prove­
ment in our financial m ethods o f incurring and securing dobt.

Shortcomings of the Present Methods.

W ith the goneral p olicy o f tho provisions o f A rticlo Sovonth your C om ­
m ittee is in hearty accord. Tlioso provisions woro adopted in 1846 to rem­
edy conditions resulting from extravagance in tho construction o f public
im provem ents and tho creation o f dobt for that purpose which had p ro­
duced a crisis in tho financial affairs o f tho Stato. In brief, tho provisions
o f Articlo Sovonth forbid tho contraction o f debts (oxcopting certain em er­
gency dobts provided for in Sections 2 and 3 ), unless tho law authorizing
tho dobt has beon submitted to tho people for ratification at an election
where only ono such law m ay bo voted for at a time and unless it also
provides for tho paym ent o f tho principal o f tho dobt within a fixed tim o
b y a direct annual tax, tho proceeds o f which aro to create a sinking fund
for that purpose.
Y our Com m ittee belioves that these restrictions upon debts, requiring
tho authority o f tho people beforo their creation, and permitting only ono
proposal to bo subm itted at a timo, havo exerted a conservative influence
upon Stato policy which until recently was successful in keeping down tho
Stato dobt.
Until recently it was tho sottled policy o f tho Stato to make its capital
Improvements out o f current revenues without incurring debt for tho pur­
pose. Our hospitals, our charitablo and penal institutions and other
permanont improvements havo been built out o f annual appropraitions
and until tho recent decision o f tho peoplo to incur largo indebtedness for
canal and highway improvomonts tho State dobt was very small. Y ou r
Com m ittee believes that this is a sound and proper policy for a com m on­
wealth and bolleves that this Convention should proccod with extreme
caution in rem oving theso restrictions.
Nevertheless, thero havo doveloped certain serious shortcomings in tho
system which should bo romodied. T ho attem pt to limit tho m othod o f
taxation to direct taxation has not boon satisfactory and has been already
m odified b y the amendment o f 1906 contained in Section 11 o f tho Article.
T he Stato governm ent has not beon successful in its methods o f calculating
and collecting tho contributions for tho sinking funds. As a rosult in somo
years a very m uch Iargor amount has been contributed than would bo
necessary undor;sciontific>m ortization. In other years, ovidently in reliance
upon such excessivelcontributions in tho past, no contributions whatever
havo been mado to somo o f tho funds. There has thus resulted on the
ono hand an unnecessary and oppressivo taxation o f tho present generation
while, on tho other, thoro has beon no certain or automatic m ethod provided
for tho enforcement o f sinking fund contributions. T ho unnecessary

J uly 31 1915.]

THE CHRONICLE

burden which has been put upon present taxpayers can be readily seen
when it is stated that up to September 30 1914 there had been contributed
to all o f tho sinking funds 334.487,679 41. whero only S4.940.095 13 was
required under a 3 % actuarial com putation, making a surplus at that date
accrued o f 329.547,584 28.

Serial Bonds Instead of Sinking Fund Bonds.

Y ou r Com m ittee recommends that hereafter all debts except em ergency
debts shall bo based upon serial bonds payable in equal Installments. Tho
advantages o f such a system aro so fundamental and aro so closely related
to sound governmental policy, as well as to sound financo, that wo beliovo
such a restriction to bo thoroughly worthy o f a placo in tho Constitution.
The m ost certain, simple and cheap w ay to amortize a debt is to pay it o ff
in annual installments. Tho uncertainties o f calculation which have so
unfortunately affected our sinking funds in tho past aro at onco eliminated.
There is no largo fund left in the hands o f public officials to bo cared for
and invested and reinvested for fifty years with all tho attendant risk and
tem ptation, and tho danger that this power o f investment in various
local securities m ay bo perverted into a political power is entirely rem oved .
Furthermore, tho fact that tho same administration which incurs a debt
must at onco begin, within ono year, to mako provision for its retirement
necessarily and strongly tends towards responsibility and prudcnco in tho
contraction o f debt. Finally, tho serial m ethod produces an immense
saving in tho amounts which tho State must eventually pay to retiro its
debt. I f our prosent canal debt o f 3118,000,000 had been com posed o f
'serial bonds finally maturing in fifty years instead o f tho present straight
term sinking fund fifty year bonds, tho Stato government would havo savod
346,677,596 13 according to tho calculation o f the C om ptrollers office, in
tho total cost o f retiring tho debt, oven if wo assume that tho sinking fund
was abio to earn continually 4 % on its investments.
Theso considerations, in tho opinion o f your C om m ittee, would bo decisivo
in favor o f serial bonds for tho futuro even if such bonds wero less m arket­
able than straight term sinking fund bonds. Tho administrative benefits
and actual cash saving o f tho serial m ethod would, in tho end, far outweigh
even a decided loss in initial m arketability. A ftor careful investigation,
how ever, you r Comm ittee is o f tho opinion that serial bonds aro quito as
marketable as sinking fund bonds. A t a recent sale b y tho Financo D epart­
ment o f Now Y ork C ity, whero a salo o f serial bonds was made side b y sido
with sinking fund bonds, tho former brought,- when reduced to terms o f
equivalent m aturity, a better prico than tho latter, tho C om ptroller o f tho
city attributing tho success o f the salo to tho serial bonds. Inquiry among
tho largo financial houses o f Now Y ork, Boston, Chicago and Philadelphia
has developed tho practically unanimous opinion o f thoso authorities that
serial bonds aro at least as marketable as sinking fund bonds. T ho system
has already boon adopted by other Statos o f tho Union and is also now in
uso b y m any o f tho cities and smaller subdivisions o f this Stato.

The Life of the Bonds Shall Not Exceed the Life of the Improvement for Which
They Were Issued.
.

T ho amendment which your Com m ittee submits also provides that here­
after no debt shall bo contracted which shall run for a period longer than tho
probable lifo o f tho work or object for which tho debt is to bo contracted, to
bo determined b y tho Legislaturo under goncral laws. Ono o f tho m ost
serious criticisms which your Com m itteo finds has been m ade against tho
financial m ethods o f tho Stato in tho past has been its failure to Hint tho
life o f tho obligations it lias incurred to tho lifo o f the benefits which it
expected to receivo from the issue o f theso obligations. Thus, for exam ple,
tho Stato has authorized tho issuo o f 3100,000,000 o f fifty-year bonds for
tho improvem ent o f our highways and between sixty and sovonty millions
o f this debt havo already been contracted. O f this amount your Com m itteo
finds that tho proceeds o f approxim ately 30% havo been spent for co n ­
structing tho surface o f highways, the lifo o f which surface cannot ordinarily
exceed four or five years and often is m uch less. This moans that genera­
tions o f taxpayers in this Stato will bo paying heavy interest and sinking
fund charges for improvements from which they will receive not an atom
o f benefit. R oad surfaco which has been purchased with some thirty
millions o f theso bonds will havo to bo replaced perhaps ten times beforo
tho dato when theso bonds will becom e duo. Y our Com m itteo finds that
this im providcnco o f m ethod has brought down upon it serious condem na­
tion on tho part o f all dealers in our securities and that it is pointed out as
one o f tho m ost serious ovils now oxisiting in our m ethods.
After carefully considering various suggosted m ethods for reform your
Com m itteo has reached tho conclusion that tho m ost practical m ethod is
that now in forco in tho Stato o f Massachusetts whero tho Legislaturo
provides b y general laws tho length o f term for which bonds m ay bo issued
in respect to various classes o f improvem ents, making tho length o f such
term correspond with tho anticipated lifo o f the im provem ent. Under tho
terms o f tho amendment submitted herewith no further debt can bo author­
ized until such statutes havo been passed b y tho Legislaturo in conform ity
to the policy thus laid down in tho Constitution. A t tho same tim e, in
order that bonds issued upon tho faith o f such statutos m ay not bo inval­
idated b y evidence indicating that tho Legislaturo was mistaken in its es­
timate o f nrobablo lifo. tho determination o f tho Legislaturo em bodied
in tho statute is mado conclusive.
Even with this proposed rem edy in forco for tho futuro your Com m itteo
recognizes tho seriousness o f tho situation which has boon created b y tho
absence o f such precaution in tho past, particularly in regard to tho high­
way debt. A very serious and unjust burden has been in this way placed
upon futuro taxpayers o f tho Stato. This has boon ono o f tho considera­
tions which havo determined your Com m itteo to recommend that tho pres­
ent excessive accumulations in some o f tho sinking funds should not bo de_
pleted for tho purposo o f m odifying present taxation. The unnecessary bur.
den thus cast upon prosent taxpayers b y theso existing accumulations in tho
sinking funds will barely offset tho unnecessary and unfair burden which
has been thrown upon future taxpayers b y tho highway debt. T ho present
taxpayers havo been com pelled to pay about 330,000,000 unnecessarily
into tho sinking funds. Futuro taxpayers will bo com pelled to pay about
330,000,000 for tho surfaco o f highways from which they will havo no
benefit. Tho burden o f ono generation will roughly balance tho burden
o f tho other.

Treatment of the Present Sinking Funds.

Y ou r Com m itteo has endeavored in its treatment o f this difficu lt subject
to keop constantly in mind both tho credit o f tho Stato and tho rights o f tho
bondholders on tho ono sido, and tho necessity o f relief for tho taxpayers
from unnecessary taxation on tho other. Although there is at present in
noarly all o f tho funds an accumulation which is wholly unnecessary to a
scientific amortization o f tho debt, your Com m itteo feels that It would bo
very unwise and improper to take out o f thoso funds any o f thoso accumu­
lations. T ho amounts o f theso funds havo boon publicly advertised and
roported b y tho Comptroller; purchasers o f Stato bonds havo undoubtedly
known o f and relied on this information; and to diminish tho funds— whether
or not it wero a violation o f contract— would undoubtedly seriously affect
tho State’s credit abd roputation for good faith.
Nevertheless, your C om m itteo has folt that it was highly important that
a correct and automatic m ethod o f accumulation should bo provided for
thoso funds in tho futuro. Such a m ethod, we believe, is provided in tho




339

amendment herewith subm itted. Each year tho Com ptroller must appraise
tho value o f tho securities in each fund and calculate afresh tho amount
o f tho contribution which will be annually required to amortize tho debt
at its m aturity, estim ating tho incom e on tho securities at the conservative
rato o f 3
Thereupon it is m ado tho duty o f tho Legislaturo to appropriate
the amount thus estimated as the contribution to the fund for that year.
I f tho Legislature fails to mako this appropriation, the d uty is imposed upon
tho Com ptroller, as the chief fiscal officer o f the Stato, to take tho amount
in quostion from tho next general rovenues o f the State in his hands and
apply it to the funds in question. T he m ethod o f taxation to be em ployed
is thus left to tho discretion o f tho Legislaturo but if that b od y fails to a ct,
what is essentially a lien, superior to the current requirements o f the State
governm ent, is put upon its general revenues in favor o f tho bondholder.
T ho same m ethod o f enforcement is also m ade applicable to tho paym ent
o f tho installments o f principal and the interest on all future debts o f the
State. Y our Com m ittee feels that in this way tho com pletion o f the sinking
fund for the old debt and the faithful paym ent o f the recurring installments
o f the new debt is made as simplejand automatic as possible. In order to give
to tho persons m ost interested in tho enforcement o f tho debt a right to put
in m otion tho machinery for its collection, an express right to mandamus
against tho C om ptroller is given to tho bondholder. This remedy is placod
in tho Constitution because, under existing law, it would otherwise bo
doubtful whether such a writ would lio against a State officer.
Three o f tho existing sinking funds aro so near com pletion that no further
contributions to them are required. T ho regular accum ulations upon the
amounts already contributed aro m uch m ore than enough to amortize tho
principal o f tho debt b y tho tim e o f its m aturity and leave in addition a
largo annual income unnecessary for that purpose.
Y ou r Comm itteo
recommends that this excess incom e bo applied to the interest on tho debt.
Y our Com m ittee believes that such application is within the original con ­
tract with the bondholders contem plated b y tho terms o f the present Consti­
tution, and that, so far as those funds aro concerned, tho good faith o f tho
Stato will bo literally maintained and at tho samo time a sertain measure
o f relief will bo afforded to tho present taxpayers.

%.

Authorization to Refund the Outstanding Sinking Fund Debt with Serial
Bonds.
Y ou r Com m itteo feels that its recomm endations would bo incom plete
unless authority wero granted to replace tho present straight term fifty year debt with serial bonds. It would be o f little avail to provide a new and
better system for tho futuro and at the same tim e to leave the Stato for over
forty years without authority
free itself from the burdens and incon­
veniences o f tho system about to bo abandoned by exchanging the old form
o f debt into tho new. O f course, such exchange can only be accomplished
b y tho consont o f tho outstanding bondholders. Y ou r C om m itteo finds,
however, that even if it wero necessary to offer a slightly higher rato o f
interest on tho new securities as an inducement for turning in the old, tho
resulting saving in expense to tho Stato w ould bo very large. It has boon
calculated b y the Stato C om ptroller’s o ffico that if tho existing canal debt
o f one liundrod and eightoen m illions wore refunded into serial bonds
bearing a rato o f interest o f
as against the present average rate o f
less than 4 H % the consequent saving to tho State would be no less than
$34,120,091 91.
A ccordingly, in its submitted amendment, your C om m ittee has proposed
that authority be given to the Legislature to provide for tiie exchange o f tho
outstanding sinking fund bonds into serial bonds o f tho samo final m aturity
upon such terms and conditions as tho Legislaturo m ay authorize subject
only to tho restrictions that tho new debt shall mature no later than the
old and that the total cost o f debt in its now form shall not be larger than
tho cost to the State o f tho existing debt.

to

\% %

Debts Created in Anticipation of Revenues.

Whatever express authority is granted b y tho present Constitution to
tho Stato government to borrow for the purpose o f meeting casual deficits
in current rovenues or in anticipation o f the receipt o f taxes is contained
in section 2 o f article seventh. Tho form o f this articlo is, in tho opinion
o f your Com ittee, imperfect, first, in that it limits such borrowing power
to a m illion dollars, and, second, that it does not strictly confine it to tho
foregoing purposes. Y our Com m ittee finds that in 1912, the State issued
$990,000 bonds under this provision for tho purposo o f acquiring tho Sara­
toga reservation, thereby practically exhausting all o f its emergency bor­
rowing power in tho creation o f a debt for a permanent im provem ent.
During the past yoar,, owing to tho exhaustion o f its surplus and tho
exigencies created b y tho European war, tho Stato found itself obligod to
borrow moneys for tho surrent expenditures o f tho governm ent in .anticipa­
tion o f tho collection o f its taxes. Owing to the fact that the amount named
in soction 2 was thus exhausted it was obliged to fall back upon its implied
power to contract such an indebtedness. Y our Com m ittee finds that con­
siderable embarrassment was causod thereby and that, although tho A ppellato Division o f tho Third Departm ent has sustained tho State’s con ­
tention that it had such an implied power considerable d ifficu lty was
found in the negotiations o f its securities for that purpose.
Y ou r Com m itteo thinks that this situation should bo put boyond d oubt,
and has, therefore, recommended an amendment o f soction 2 which lim­
its tho debts to bo contracted thereunder to debts for tho purposes and
within tho amounts o f appropriations already m ade, the additional lim ita­
tion being imposed that tho bonds or other obligations issued for this
purposo shall be payabio and paid within ono year from tho date o f issue.

Highway Debt.

In N ovem ber, 1905, tho Constitution was amended b y tho insortion o f
soction 12 o f Article V II, which authorized tho creation o f a debt for tho
improvement o f highways and provided that the aggregate o f tho debt
authorized b y this section should not, at any one tim e, oxccod tho sum o f
350,000,000. It also provided that none o f tho provisions o f soction 4 o f
this articlo should apply to the debts for tho improvement o f highways thus
authorized by soction 12. Seven years later, in 1912, an additional $50,­
000,000 o f donds were authorized by referendum under section 4 o f Articlo
V I I. Those 3100.000,000 o f bonds for highway im provem ent havo thus
been authorized under two different sections o f the Constitution, ono o f
thorn providing for a referendum to tho people and tho other authorizing
tho issuo o f bonds without further authority from tho people than that
conferred by the enactment o f section 12. Under section 12 it would alko
seem ovidont that tho original debt o f 350,000,000, as fast as it is retired,
m ay bo replaced by new issuos o f bonds under the authority o f tho Legis­
laturo alone, provided only that the aggregate outstanding at a n yon e time
shall not exceed $50,000,000.
Y our Comm itteo sees no reason for this divergence o f m ethods and o f
authority in tho creation o f highway debts. It believes that all futuro debts
created for highway construction should require tho sanction o f the people
o f tho State exprossod at a referendum under the form alities and restric­
tions o f soction 4.
T ho proposed amendment which it submits, therefore, carries out this
recommendation and repeals tho authority contained in section 12 for Ite
creation o f any further highway debts other than under the p rov in ce
section 4.

THE CHRONICLE

340
Ratification of Existing Debts.

F ully realizing tho importanco that thero should bo no possiblo m is­
understanding in the creation o f a now Constitution as to tho intention and
readiness o f the State to stand behind its existing debts with the utm ost
good faith, your Com m ittee has inserted in tho proposod amendment an
express assuranco to that effect.
Y ou r Com m ittee desires to express its appreciation o f tho assistance it
has derived from the proposed amendments submitted b y Messrs, l ’arsons,
W agner, Blauvelt, A . E . Smith, Austin, It. B . Smith, Lincoln, Culllnan,
V an Ness and E . N . Smith. These amendments have been carefully con­
sidered and m any o f tho proposals em bodied in tho amendment submitted
herewith by you r Com m ittee have boon suggested in one or the other o f
the proposals submitted b y these gentlemen.
R espectfully subm itted for tho Com m ittee,
H E N R Y L . S T IM SO N ,

Chairman.

A m in o r it y r e p o r t w a s s u b m itte d b y R o b e r t W a g n o r, as
fo llo w s :
M IN O R IT Y R E PO R T.
I disagree with tho report o f the Com m itteo on Finance so far as it relates
to tho disposition o f tho excess in our sinking funds for the following reasons:
1. It fails to carry out tho indisputable intent o f tho people when they
voted tho canal and highway referendums, nam oly to distribute equitably
the paym ent o f tho debt over a period o f fifty years.
2. Tho proposed amendment requires tho futuro appropriation from tho
general fund o f m oney to pay tho interest on existing debts, notwithstand­
ing tho fact that m oro than S25.000.000 has already been taken im properly
from the goneral fund for this purpose. N o further demands ought to bo
made upon tho general fund for sinking fund purposes until this large
amount improperly taken in excoss o f tho legal requirement has been used
for tho purpose for which tho sinking funds wero created under tho provi­
sions o f tho Constitution.
3. Its adoption would com pel tho levy noxt yoar o f an unjust direct tax
o f SI 1,000,000 which ought not to be iovied, since it is conceded b y overyono
familiar with our sinking funds that tho cxcoss in tho different funds can bo
used for tho paym ent o f tho intorest upon tho bonds without in any way
affecting tho security o f the investment or in any w ay violating tho provi­
sions o f tho Constitution. Indeed, the excess has boon collected unjustly
from tho present taxpayer and wo ought as near as possiblo euro this in­
justice b y giving tho present taxpayer tho benefit o f this excess.
4. For tho reason that while tho roport favors tho serial bond m ethod for
futuro State debts, tho proposal for tho amortization o f tho present funded
debt does not include or adopt tho principle upon which tho serial bond
system is based.
B riefly, tho history o f tho principal sinking funds is as follows: Tho first
issuo o f bonds for tho bargo canal consisted o f $2,000,000 3 % 18-year
bonds. B y an adjustment m ade in 1914, tho sinking fund now equals tho
principal and its earnings meet tho interest charges from yoar to year. Tho
noxt sinking fund for barge canal bonds was created to provido for tho pay­
ment o f §21,000,000 o f 3 % 50-ycar bonds authorized b y an amendment
to the Constitution in 1905. Instead o f raising a tax as provided b y tho
Constitution to provido a sinking fund for tho bonds issued under this
authority, tho Legislature levied a tax rato o f .481 o f a m ill upon tho entire
valuation o f tho State upon the theory that a sinking fund should be created
for tho entire authorized issue o f §99,000,000 whethor tho bonds had been
actually issued or not. T h o result was the creation o f an unnecessary and
illegal excess in this sinking fund o f over §16,000,000. In other words, tho
Legislature provided a sinking fund in tho years 1906, 1907, 1908 and 1909
for tho bonds which had been issued and for tho bonds which havo been
issued sinco, and there ought not to be any quostion about using this ex­
cess for the purposo for which it was raisod, that is, the contribution to
tho sinking fund for those bonds which wero subsequently issued.
T ho noxt sinking fund is to provido for tho retirement o f §40,000,000 4 %
50-ycar bonds issued under tho authority o f another amendment to tho
Constitution, which perm itted the Legislature to increaso tho rate o f intor­
est. W hon the Legislature provided a tax rato for those bonds, it reduced
t from .481 o f a m ill to .4 o f a m ill although tho rate o f interest had been
ncreasod, thus disclosing and confessing tho error which had been in mado
1908. This sinking fund also contains an excoss duo to tho fact that after
tho tax rato was fixed, tho assessed valuation o f tho State was greatly in­
creased and tho consequent contribution to the sinking fund was much
larger than was necessary and also to tho fa ct that tho earnings o f tho
sinking fund wero m uch largor than wore contom platod when tho tax rate
was fixed.
T ho other barge canal sinking fund provides for tho retirement o f 50-year
4 M % bonds and this sinking fund has a largo excess duo to tho payment
into it o f largo amounts received for premiums and accruod interest. All
tho canal sinking funds havo received premiums and accrued interest which
are not necessary to meet tho requirement in tho Constitution and which
aro entirely unnecessary for tho amortization o f tho bonds.
T he excess in tho highway sinking funds is due to tho fact that the Con­
stitution provided for tho setting asido o f a proportionate part o f tho debt
each year but failed to make uso o f tho earnings o f such sinking funds with
tho result that tho earnings o f tho funds have been placed in tho highway
sinking funds and created oxcessos to that amount.
T h e highway, sinking funds havo also boon unduly enlarged b y tho p ay­
ment into them o f tho premiums received on the sale o f bonds. W hat is
true o f tho bargo canal sinking funds is also true o f tho barge canal terminal
sinking funds, o f tho Cayuga and Seneca sinking funds and tho Palisades
Park sinking funds so that the unnecessary amount in tho several funds
as stated b y the C om ptroller in his report to this Convention is as follows:
T ho surplus or oxcess o f available resources over the reserves calculated
in accordance with the m ethod stated in the balanco sheet, Exhibit A , as
o f April 30 1915 was §2S,904,706 05, classified as follows:
Canal D ebt sinking funds______________________________ §20,671,850 68
H ighway D ebt sinking fun ds__________________________
8,136,684 81
Palisades Interstate Park D ebt sinking funds------------96,170 56
T o t a l.................................................- ................................§28,904,706 05
Tho report o f tho Finance Comm ittee accom panying their proposal con­
demns the creation o f this largo excess in tho several sinking funds and ad­
mits that it was placed thero improperly and through an error in judgment
and not through any requirement o f tho Constitution. Nevertheless, their
proposal does not permit the uso o f any o f this excess for tho purposo for
which it was created. .and tho Com m itteo gives as its reasons for not re­
lieving tho taxpayer by tho use o f tlioso funds in excess o f the requirement
that the purchasers o f tho bonds knew o f tho existonco o f these abnormal
sinking funds and that it would therefore bo a violation o f good faith on tho
part o f the Stato to uso them and consequently would impair the credit o f
tho State. T. o co itentlon o f the C om m itt :o I i this r .'gat'd is not convinc­
ing because tho purch sors o f tho bonds also knew what the Constitutional
provisions for sinking funds wero and purchased the bonds with that
knowledge. So far as Impairing the credit o f tho Stato is_concerned, for




[Yol. 101

tw o years in three different sinking funds tho Stato has, through tho Leg­
islature, mado use o f a portion o f this excoss and thoro has been no impair­
ment o f the credit o f the State because tho salo o f bonds subsequent to this
action o f tho Legislature produced tho greatest premium that tho State
over received and furthermore sinco this action o f tho Legislature, the valuo
o f tho Stato bonds involved has increased and not decreased. T ho C om ­
mittee also leaves open the quostion o f tho legality o f using any part o f the
sinking fund. W ithout attem pting to discuss that quostion, the fact that
tho Comm ittee itself proposes in tho futuro to uso a part o f tho oxcess
destroys tho force o f that contention. Tho other reason for not usi..g any
part o f tho oxcess in the sinking funds, which is set forth by the C om m itteo,
is that tho highway bonds aro fifty-year bonds while tho highway improve­
ment will only last a few years, .and tho Comm itteo contends that for that
reason future taxpayers will bo burdened with a tax for which thoy received
no benefit equal to tho tax which tho present taxpayers havo been obliged
to pay b y tho croation o f tho oxcess in tho sinking funds. This contention
o f tho Comm ittee is mado on tho assumption that the highway im prove­
ments last for four or five years in somo casos and then aro lost to tho Stato.
The fact is that poor judgm ent on the part o f tho Highway Departm ent
caused the construction o f a considerable number o f Stato roads which
could not endure for m ore than six or seven yoars. Thoy havo also con­
structed many roads which ought to endure during tho life o f tho bond, but
in tho caso whore tho improvement is short-lived tho present taxpayor has
to provide out o f tho general funds o f tho Stato each yoar money to placo
thoso roads will bo used by tho futuro taxpayers with tho samo enjoym ent
and benefit as if they wero originally constructed in permanent form , tho
future taxpayer will only pay his portion o f the debt.
It will bo noticed by examining tho Com ptroller’s report to this Con­
vention, which is Docum ent N o. 18, that thoro is now in tho sinking funds
a total o f §40,568,351 32 available, according to tho report, for both in­
terest and principal o f tho debt; that o f this sum o f §40,568,351 32 thoro
is an excess over tho reserve roquired o f §28,904,706 05. It is m y conten­
tion that this excess should bo applied to the purposo for which tho soveral
sinking funds were created, namely, tho paym ent o f principal and interest.
In that way wo can avoid noxt yoar a direct tax o f over §11,000,000. 1
particularly urge this action at this timo, not only because it is just to tho
present taxpayer who has paid this oxcess, and tho uso o f tho excoss will
not in any way affect tho integrity o f the sinking fund or tho security o f
tho bondholder, but particularly bocauso it will lift a burden from tho
shoulders o f tho taxpayers o f Now Y ork city which thoy can hardly boar in
viow o f the tremendous budgot, for local purposes, o f tho city o f New Y ork.
For tho reasons as stated, I disagree with tho roport o f tho Comm itteo
in that it did not make this additional requirement o f using tho excoss for
tho paym ent o f interest now , but so far as their other recommendations
aro concerned I heartily concur in their viows.
ROBERT W AGNER.

COMMERCE COMMISSION’S FINDINGS REGARDING
LIGHTERAGE AND STORAGE CHARGES.
T h o In te r-S ta to C o m m e rc o C o m m is sio n m ad o k n o w n th is
w e e k its d ecisio n (b e a rin g d a te J u l y 7) w it li re g a rd to th o
changes in lig h te ra g e a n d sto rag o re g u la tio n s s o u g h t b y th e
r a ilw a y co m pa nies o p e ra tin g lin es e n te rin g N o w Y o r k C i t y
fro m th e W e s t a n d N o r t h . W h ile som e o f th o a p p lic a tio n s
fo r in cre a se d ch a rg e s a n d re d u c tio n in th o tim e o f tho fre e
sto rago p riv ile g e s a re g ra n te d , th o m a jo r it y o f th o p e titio n s
a ro d ecla red b y th o C o m m is sio n u n ju s tifie d .
Tho

Commission in its decision says in part:

In presenting their caso the carriers stated that tho attem pt to m odify
regulations governing terminal services and charges at Now York was
initiated by somo suggestion or recommendation mado by this Committeo
or its special counsel. It is assumed that this had reference to tho recom ­
mendation in our decision in the 5% caso, that tho carriers investigate their
terminal and other services with a view to the conservation o f their revenues.
Tho filing o f tho tariffs under investigation in this proceeding was not
responsivo to the spirit o f that recommendation. A roviow o f the vol­
uminous record brings conviction o f the inadequacy o f the carriers’ attem pt
to placo such a record before tho Commission as would justify a concluslvo
disposition o f tho matters at issue. W hile stating that tho principal reason
for proposing these changes was to establish tho samo practices at New
Y ork , as now exist at other terminals, thereby removing a discrimination,
carriers have failed to give proper recognition to tho fundamental differences
in conditions, and havo afforded tho Commission no satisfactory basis for
making somo o f the comparisons. T he cost o f service would bo an im p o r ­
tant moasuro o f comparison: but, asido from occasional indefinite allegations
regarding com parative oxpenso, in but one caso was evidcnco furnished as
to cost o f service. T he accounting officer who gave this testimony declarod
that tho ascertainment o f tho cost o f tho terminal servico is easier than in
tho caso o f other services.
A valuable result o f tho present inquiry is tho demonstration o f tho
necessity for a thorough revision o f tho tariffs governing terminal charges
and practices at N ew Y ork . Tho tariffs under suspension bear evidonco
o f carelessness in preparation and aro distinctly inferior in this respect to
those which they wero intended to supersede.

T h e Commission’s disposition of tho applications of the
roads is summarized in tho syllabus as follows:

1. Proposed reduction o f period o f free storago on N ew Jersey shore
from 10 to 5 days justified as to domestic inbound freight for delivery at
N ew Y ork.
2. Proposed increased charge o f 1 cent per 100 pounds for each 10 days
or fraction thereof for storage on New Jersey shore o f freight for Now York
delivery after reduced free storago period justified.
3. Proposed increase charges for handling and storing heavy iron and
steel articles, cooperage stock and sawed stone justified.
4. Proposed charge o f 3 cents per 100 pounds on less than carload lots
o f westbound freight lightered or floated with carload o f moro o f lighterage
freo froight justified.
5. Proposed increased charges for staking, wiring or clcating shipments
o f lumber, telegraph poles, etc., justified.
6. Proposed reduction o f period o f freo storago on N ow Jersoy shoro
from 10 to 5 days o f dom estic inbound froight destined for coastwiso trans­
shipment not justified.
7. Proposed reduction o f period o f freo storago at railroad pier stations
o f dom estic inbound freight from 3 to 2 days not justified.
8. Proposed reduction o f period o f free storago o f oxport less than car­
load freight at railroad pier stations from 10 to 2 days not justified.
9. Proposed chargo for loading to or unloading from lighters at other
than station pier or vessels o f the carriers not justified.

J uly 311915.]

THE CHRONICLE

341

b o th sides in o rd e r to bo e ffe c tiv e . T h e jo in t b o a rd o f th e
In te rn a tio n a l L a d ie s ’ G a rm e n t W o r k e r s ’ U n io n has a g re e d
to a c c e p t th o re c o m m e n d a tio n s ; P re s id e n t B e n ja m in S ch le s in g o r f o r th o jo in t b o a rd sta tes t h a t ho is w e ll s a tis fie d w it h th o
fin d in g s o f th o c o u n c il. T h o a ttitu d o o f th o C lo a k , S u it a n d
S k ir t M a n u fa c t u r e rs ’ P r o t e c t iv e A s s o c ia tio n to w a rd th e
re c o m m e n d a tio n s h as n o t y e t be e n m a d e k n o w n . O ffic ia ls
o f th e g a rm e n t w o rk e r s ’ u n io n s in a le t t e r a d dressed to M a y o r
M it c h e l o n T h u r s d a y c ritic iz e th e m a n u fa c tu re rs as “ d e lib ­
e ra te ly t r y i n g to p ro lo n g n e g o tia tio n s u n t il su c h tim e as th e
s itu a tio n w ill be com e m o s t u n fa v o ra b le f o r a n y d e c is ive
a c tio n o n th e p a r t o f th e w o rk e r s .” I t w a s a t th e sam e tim e
m a d e k n o w n t h a t a v o te w o u ld be ta k e n b y th e u n io n s to ­
d a y , S u n d a y a n d M o n d a y o n th o q u e s tio n o f a s trik e o n
A u g . 3 if th e a g re e m e n t s h o u ld n o t be a cce p te d b y th e m a n u ­
fa c tu re rs b y t h a t tim e . T h o r e p o r t o f th e C o u n c il o f C o n ­
c ilia tio n p ro v id e s f o r th o w o rk e rs a n in cre a se in w a ge s o f a p ­
p ro x im a te ly 1 0 % . O n b e h a lf o f th o e m p lo y e r, th o C o u n c il de­
T h o d e cisio n w a s w r it t e n b y C o m m is s io n e r M o y e r . C o m ­ cides t h a t ho m u s t bo fre e ter select h is e m p lo ye e s a n d to d is­
m is s io n e r H a r la n , w h o w ro to th o de cisio n fo r th o C o m m is s io n c h a rg e th o se w h o a ro in c o m p e te n t, in s u b o rd in a to o r u n fa it h ­
in tho 5 % fre ig h t ra to a d va n c o case, to o k n o p a rt in th e fu l. T h o re c o m m e n d a tio n s also g iv o th e e m p lo y e r th e r ig h t
to a ssign w o r k a n d re o rg a n iz e h is s h o p , b u t h e w o u ld b e re ­
p ro so n t d o cisio n .
q u ire d to d is trib u te w o r k e q u a lly in s la c k tim e s . U n d e r th e
re c o m m e n d a tio n s , n o e m p lo ye o sh a ll bo d is c rim in a te d a g a in s t
o r d is ch a rg e d because o f u n io n a c tiv itie s . T h o C o u n c il p ro ­
W i t h th o o p e n in g o f th o f u r t h e r sessions o f th o F o d o ra l poses t h a t a n a g re e m e n t bo e n te re d in to b o tw e o n e m p lo y e rs
T r a d o C o m m is s io n in C h ic a g o th is weolc, sug g e stio n s f o r a n d e m p lo ye e s , so t h a t th e ro ca n bo o rg a n ize d a t r ia l b o a rd
th o im p ro v e m e n t o f businoss c o n d itio n s a n d th o e n la rg in g o f th re e , co m po sed o f ono e m p lo y e r, ono e m p lo ye e a n d a n
o f co m m o rco w it h S o u th A m e ric a a n d o th e r fo re ig n c o u n trie s im p a rtia l p e rs o n , b e fo ro w h o m a ll cases w o u ld bo h e a rd .
w o ro p re se n te d to it . G e o rg o M . R e y n o ld s , P re s id e n t o f th o T h o a g re e m e n t, if sig n e d , w o u ld bo in e ffe c t f o r tw o y e a rs .
C o n tin e n ta l & C o m m e rc ia l N a tio n a l B a n k o f C h ic a g o , ono P ie c o p ric e s a ro to bo se ttle d b e tw e e n th o o m p lo y e r a n d a
o f thoso in a tto n d a n c o a t th o h e a rin g o n T u e s d a y , p o in to d p ric o c o m m itte e . Q u e s tio n s as to pieco w o rk o rs ’ o v e rtim e
o u t th a t th o d iscu ssion o f fo re ig n tra d o seem ed m o s t o p p o r­ a n d w h a t le g a l h o lid a y s sh a ll be o b s e rve d a re to bo a rb itra te d .
T h o ro p o rt re c o m m o n d s t h a t th e ro bo n o s trik o d u rin g th o
tu n e . H o said in p a rt:
N o t only docs it give us an opening for tho consummation o f a long-hopod- te rm o f th o a g re e m e n t a n d t h a t th o C o u n c il c re a te a jo in t
for ovont, in so far as American expansion o f trado is concerned, but if it b o a rd o f s u p e rv is io n a n d o n fo rc o m o n t o f s ta n d a rd s .
The
can be quickly put in execution it will servo as almost a philanthropic m ove,
C o u n c il h as been a ske d b y th o M a y o r to s it as a p e rm a n e n t
bocauso at this tim o a largo portion o f tho world is without facilities to con­
tinue business and gain com forts and conveniences. W o havo to find credit c o m m is sio n , a n d w ill, in th o e a r ly fa ll, b e g in a n in v e s tig a ­
to enable men to handle the products which we wish to export. Credit can tio n in to th o causes o f d is c o n te n t a n d u n re s t in th e in d u s t r y .
bo extended on ly if business is stable, or, rather, if the credit is stablo and
T h o m o m b e rs o f th e c o m m is sio n a ro D r . F e lix A d le r , C h a ir ­
business is prosperous. M y idea o f an ideal m ethod would bo the organi­
zation o f banks in South Am erica, for example, where tho dom inating capi­ m a n ; L o u is D . B ra n d e is , H e n r y B ru o ro , G e o rg o W . K ir c h tal would bo furnished by banks o f this country through subscriptions b y w o y , W a lt e r C . N o y e s a n d C h a rle s L . B e rn h e im e r.
10. Proposed discontinuance o f allowanco to shippers or consignees for
loading and unloading cars on floats not justified.
11. Proposed minimum charge o f S3 for each lot o f westbound less than
carload freight lightered or floated with carload or moro o f lighterage free
freight not justified.
12. Proposed increased charges for lightering hoavy articles not justified.
13. Proposed increase o f minimum weight from 10,000 to 20,000 pounds
for froo lighterage o f dressed poultry, butter, cheeso and eggs not justified.
14. Proposed increased charges for towing freight to certain points
outside o f free lighterage limits not justified.
15. As to proposed increased rates in support o f which no testim ony was
offered the respondents have not sustained tho burden o f p ro o f im posed
upon thorn b y law, and such increased rates are not justified.
10. W here a terminal servico has heretofore been treated b y tho carriers
as a part o f tho transportation servico covered b y tho freight rato and
regularly perform ed b y them, they m ay not now segregate that service
and assign to it a separato charge without taking into consideration, in
order to justify such charge, tho entire through service o f which it form s a
part and tho com pensation heretofore received for such through servico.
17. Tho tariffs under suspension, in addition to other defects, aro am ­
biguous. T h ey must bo canceled. Recom m ended that opportunity bo
taken b y respondents to reviow all regulations affecting terminal servico at
N ew Y ork, whether involved in this proceeding or not, and that respondents
co-oporato in harmonizing and clarifying such regulations.

FOREIGN TRADE DISCUSSIONS AT FEDERAL TRADE
COMMISSION’S HEARING.

several banks, say, tw o or tlireo in a city, taking four or fiv o citios and
then interesting locally as m uch South American capital as possiblo, having
it supervised b y Americans. Rut actual contact with tho peoplo should
bo in charge o f men who know tho language, practices and customs o f tho
foreign countries.

A ch a ngo in tlio F e d o ra l R o s o rv o A c t to onablo b a n k e rs
in th e M id d lo W e s t to su b sc rib e f o r s to c k in fo re ig n b a n k in g
in s titu tio n s w a s u rg e d a t th o h e a rin g b y S am u e l M . H a s tin g s ,
P re s id e n t o f th o R lin o is M a n u fa c tu re rs ’ A s s o c ia tio n . M r .
H a s tin g s is q u o te d as s a y in g :
It is quite possible there should bo com binations o f business men in tho
same lino to fix pricos for foreign trade. Com binations in Germany havo
built up the large foreign trado in that cou ntry. W o hopo that tho Federal
T rado Commission will find it possible to urge upon Congress a change in
the Federal Roscrvo A ct that will enable bankers o f Chicago and tho
M iddlo W est to subscribe for stock in foreign banking institutions; that is,
subscribe as a bank. A t prosent, C hicago banks aro not directly repre­
sented in South and Contral Am erica, and wo aro at a disadvantage in tho
m atter o f foreign trade as a result o f this condition.

J . O g d o n A r m o u r , P re s id e n t o f A r m o u r & C o ., suggested
th a t s tu d y bo g iv o n th o o rg a n iz a tio n o f s yn d ic a te s o r tra d in g
co m p a n ie s fo r th o salo in fo re ig n c o u n trio s o f c e rta in p ro d u c ts ,
su c h as co a l, lu m b e r a n d p h o sp h a to ro c k . O n o o rg a n iza ­
tio n in o acli lin o co u ld a tte n d to so ilin g , c h a rto rin g , in s u r­
a n c e , c re d its , a d v e rtis in g a n d so o n . I n th is w a y , ho sa id ,
d u p lic a tio n in oxponso w o u ld bo a vo id e d a n d th o A m o ric a n
m a n u fa c tu re r w o u ld bo g iv o n lo w e r d e liv e r y costs a n d a
b o tto r ch a nco to co m p o to s u c c e s s fu lly fo r fo ro ig n tra d o .
M r . A rm o u r added:
When the warorulsjn.il European countries will be organized on a syndicate
basis. Their industries will b o m oro contrally controlled. T h ey must
get on their feet as soon as possible. Foreign trade will bo needed moro
than evor, and it must bo secured at tho lowest possiblo oxponso. Our
prosent happy-go-lucky individualistic m ethods o f seeking outsido com ­
m erce will handicap us against European efficiency. W o m ay havo to
m odify our prosent notions somewhat if we are to secure and hold our sharo.
A "condition and not a theory” confronts us.

COUNCIL OF CONCILIATION RECOMMENDS ADJUST­
MENT OF GARMENT MAKERS’ DIFFERENCES—
MEN’S CLOTHING WORKERS STRIKE AVERTED.
T h o C o u n c il o f C o n c ilia tio n w h ic h w a s a p p o in te d b y M a y o r
M itc h o ll o n th o 9 tli in s t. to w o r k o u t a n a d ju s tm e n t o f tho
d iffe re n c e s b o tw e o n m a n u fa c tu re rs a n d o m p lo ye os in th o
c lo a k , s u it a n d s k ir t in d u s trie s in th is c i t y , a n d t h c ro b y a v e r t
a s trik e in v o lv in g a b o u t 50,000 g a rm e n t w o rk o rs , p re se n te d
its re p o rt to th o M a y o r o n th o 23d in s t. T h o ro p o rt is in
th o n a tu re o f re c o m m e n d a tio n s w h ic h m u s t bo a cco p tod b y



A n a d ju s tm e n t o f th e s trik o , w h ic h h a d re s u lte d in th e
q u it t in g o f 21,000 w o rk e rs e m p lo yo d b y m o m b e rs o f th o A m e r ­
ic a n C lo th in g M a n u fa c tu re rs ’ A s s o c ia tio n in th e m a k in g o f
m e n ’s c lo th in g , w a s re a ch e d o n th o 21st in s t. a t a m e e tin g in
th e C h a m b e r o f C o m m e rc e . R e p re s e n ta tiv e s o f e m p lo ye rs
a n d e m p lo ye e s discussed th o s itu a tio n w it h th e C o m m itte e
o f Im m e d ia te A c t io n , w h ic h w a s a p p o in te d to re c o m m e n d
te rm s f o r a peace a g re e m e n t. T h o c o m m itte o w a s co m po sed
o f s ix delegates fro m each side; D r . J . L . M a g n e s a c te d as
C h a irm a n . T h e A m a lg a m a te d C lo th in g W o r k e rs o f A m e ric a
a ro said to h a v e b e e n g ra n te d s ta n d a rd iz a tio n o f w a ge s a n d
re c o g n itio n o f th o u n io n s h o p . T h o a g re e m e n t b o tw e e n th e
tw o fa c tio n s , w h ic h w ill bo v a lid u n t il N o v e m b e r 1916, calls
fo r th o c re a tio n o f w a g e a n d p io co -p rico s ta n d a rd s to be p u t
in to e ffe c t b y th o n e x t s p rin g season. P o n d in g th o s e ttle ­
m e n t o f th o s ta n d a rd s , a ll p ric o re d u c tio n s m a d o sinco th e
s trik o o f 1913 a re to bo re s to re d o n a basis o f 5 0 % in th e coats
a n d p a n ts tra d o a n d 100 % in th o v e s t tra d e . A c o m m itte e
o f tw o , ono fro m each fa c tio n , w ill s o ttlo a ll d is p u te s . A p p e a l
m a y bo ta k e n to th e C o m m itte e o n Im m e d ia te A c t io n e x co p t in d ecisio ns a ffe c tin g th o in d u s t r y as a w h o lo . I n su c h
m a tto rs a c o u n c il o f m o d e ra to rs , w h ic h is to bo th o fin a l a r ­
b itr a tio n b o d y o f th o in d u s t r y , is su p re m o . D u r in g a dis­
p u te th o a g re e m e n t p ro v id e s t h a t n o s trik o o r lo c k o u t c a n be
ca lle d . T h r e e m o n th s p rio r to th o e x p ira tio n o f th o p ro to c o l,
its re n e w a l w ill bo discussed. Ja c o b P a n k e n , a tt o r n e y o f th e
A m a lg a m a te d C lo th in g W o r k e rs o f A m e ric a , s ta te d t h a t o f
th o 21,000 m e n w h o w a lk e d o u t th re e w e e k s a go , 13,000 re ­
tu rn e d o n th o 21st in s t. T h is s trik e b e g a n o n th o 12th in s t.,
a n d it th re a te n e d to in v o lv o a ll o f th o 70,000 m e m b e rs o f
th o A m a lg a m a te d C lo th in g W o r k o rs in th is c i t y . T h e r e also
seem ed a p o s s ib ility o f th o s trik o o x te n d in g to P h ila d e lp h ia ,
B o s to n a n d C h ic a g o .
M o m b e rs o f th o m e n ’s g a rm e n t in d u s t r y to th e n u m b e r o f
20,000, o m p lo ye d in th e shops o f th e in d o p e n d o n t c lo th in g
m a n u fa c tu re rs , w e re sch e d u le d to s trik o o n th o 2 6 th in s t, b u t
fa ile d to go o u t o n th a t d a y . S id n o y H illm a n , P re s id e n t o f
th o A m a lg a m a te d C lo th in g W o r k e rs , said in e xp la n a tio n o f
th o p o s tp o n e m e n t: “ W o a ro g e ttin g so m a n y re q u e sts fro m
in d e p e n d e n ts s ig n ify in g th e ir in te n tio n to com e to te rm s w it h

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THE CHRONICLE

th e u n io n s th a t it w o u ld n o t be f a ir to ca ll a s trik e a t th e p re s ­
e n t t im e .”
A co n fe re n c e w a s h e ld o n th e 22d in s t. b e tw e e n th e C h ild ­
r e n ’s J a c k e t M a k e r s ’ U n io n a n d th e C h ild r e n ’s C lo th in g
M a n u fa c tu re rs ’ A s s o c ia tio n , w h o s e d iffe re n c e s th re a te n e d a
s trik o o f 18,000, w h ic h re s u lte d in a n a m ic a b le a rra n g e m e n t
b e tw e o n th e tw o . I t is ro p o rte d t h a t th e C h ild r e n ’s C lo th ­
in g M a n u fa c t u r e rs ’ A s s o c ia tio n a n d th e A m e ric a n C lo th in g
M a n u fa c tu re rs ’ A s s o c ia tio n a re n e g o tia tin g w it h a v ie w to
a m a lg a m a tin g th e tw o b ra n c h e s o f th e tra d e in to ono o rg a n ­
iz a tio n . T e n th o u s a n d c h ild re n ’s ja c k e t m a k e rs in th o shops
o f th e in d e p e n d e n t m a n u fa c tu re rs w e n t o n s trik o on th o 23d
in s t., in accoi’d a n ce w it h p la n s o f th o o ffic ia ls o f th o A m a lg a ­
m a te d C lo th in g W o r k e rs o f A m e ric a w h o h a d d e cided t h a t
s trik e s s h o u ld bo in s titu te d a g a in s t a ll in d e p e n d e n t m a n u fa c ­
tu re rs w h o w o u ld n o t g ra n t th e d e m a n d s g iv e n b y th e C h ild ­
r e n ’s C lo th in g M a n u fa c t u r e rs ’ A s s o c ia tio n o n th o 22d.

MEETING OF CHAIRMEN OF LATIN-AM ERICAN
COMMITTEES.
A m e e tin g o f th o c h a irm e n o f th o p e rm a n e n t g ro u p co m ­
m itte e s o f th e C e n t ra l a n d S o u th A m e ric a R e p u b lic s n a m e d
a t th o re c e n t P a n - A m e ric a n F in a n c ia l C o n fe re n c e a t W a s h ­
in g to n , a n d b a n k e rs a n d bu sin ess m e n in te re s te d in th e de­
v e lo p m e n t o f th e fin a n c ia l a n d c o m m e rc ia l re la tio n s b e tw e e n
th o se c o u n trie s a n d th e U n it e d S ta te s , w a s h e ld a t In d ia
H o u s e , th is c i t y , o n M o n d a y . T h e p u rp o se o f th o m e e tin g ,
w h ic h w a s ca lle d b y S e c re ta ry o f th e T r e a s u r y M c A d o o , w a s
to discuss p la n s f o r th e fu rth e ra n c e o f th o a im s s o u g h t in th e
W a s h in g to n co n fe re n c e . O n e o f th e to p ics o f discussion
w a s th e q u e s tio n o f m a k in g a r e t u r n t r ip to th o c o u n trie s o f
C e n tra l a n d S o u th A m e ric a w h ic h se n t delegates to th e W a s h ­
in g to n m e e tin g . S e c re ta ry M c A d o o w a s u n a b le to a tte n d th is
w e e k ’s m e e tin g , a n d he w a s re p re s e n te d b y A s s is ta n t S ecre­
t a r y o f tho T r e a s u r y A n d r e w J . P e te rs ; th e fo llo w in g tele ­
g ra m fro m M r . M c A d o o , to W . L . S a u n d e rs , C h a irm a n fo r
N ic a ra g u a , w h o p re sid e d , w a s re a d a t tho g a th e rin g :
I deeply regret that it is impossible for me to attend the meeting at India
House to-day, but I have sent Assistant Secretary Peters, who rendered
such valuable services to tho Pan-American Financial Conference, to repre­
sent me. Tho American bankers and business men have a rare and wonder­
ful opportunity, but vigorous and intelligent work is necessary to trans­
late this opportunity into concrete and permanent benefit to Latin-America
and the United States. Y ou m ay count upon m y earnest and enthusiastic
co-operation in tho work you have undertaken. I am sure that you will
bring to it the enterprising spirit and tho patriotic love o f country which
has made tho Am erican nation tho greatest dem ocracy in the world. M y
best wishes to you and to your associates.

Ja m e s A . F a r r e ll, P re s id e n t o f th o U n ite d S ta tes Steel
C o rp o ra tio n a n d C h a irm a n o f th e N a tio n a l F o re ig n T r a d e
C o u n c il, w a s a s p e a ke r a t th e m e e tin g , h is re m a rk s b e a rin g
u p o n th e im p o rta n c e o f th o in te rc h a n g e o f v is its b e tw e e n
b a n k in g a n d bu sin ess re p re s e n ta tive s o f th e A m e ric a s . M r .
F a r r e ll, as C h a irm a n o f th o c o m m itte e , a p p o in te d to a rra n g o
fo r th o r e t u rn v is it , a n n o u n ce d th a t a m e e tin g o f th a t co m ­
m itte e w o u ld bo h eld a t In d ia H o u s e o n A u g . 5. T o enablo
th e e ig h te e n s ta n d in g g ro u p co m m itte e s , c h a irm e n o f s e ve n ­
tee n o f w h ic h a tte n d e d M o n d a y ’s m e e tin g , to w o r k m o re e f­
f e c t iv e ly , it w a s d ecided to fo rm a c o u n c il o f c h a irm e n o f
g ro u p co m m itte e s , th e c o u n c il to m e e t fo r e xc h a n g e o f v ie w s
a t fre q u e n t in te rv a ls . R o b e rt I I . P a tc h in , s e c re ta ry o f th e
N a tio n a l F o re ig n T r a d o C o u n c il, w a s elected s e c re ta ry o f
th is c o u n c il.

STATE AND FEDERAL QUARANTINES AGAINST
CATTLE VIRTUALLY ENDED.
T h a t tho c o n d itio n s n e c e ss ita tin g th o F e d o ra l a n d S ta to
q u a ra n tin e re s u ltin g fro m th o p ro va lo n c o o f th o fo o t-a n d m o u th diseaso a re r a p id ly d is a p p e a rin g , is e vid e n c e d b y tho
a n n o u n c e m e n t d u rin g th o p a s t fe w w e e k s o f th o re m o v a l o f
m a n y o f th e re m a in in g re s tric tio n s .
R e c e n t o rd e rs o f th e U . S . D e p a rtm e n t o f A g r ic u ltu re re ­
lease th o e n tire S ta te s o f C o n n e c tic u t, R h o d e Is la n d , O h io ,
K a n s a s a n d W e s t V ir g in ia . T h e F e d e ra l a u th o ritie s h a vo
also m a d e k n o w n th o release fro m th e q u a ra n tin e o f c e rta in
t e r r it o r y in N e w Y o r k , N o w J e r s e y , M a s s a c h u s e tts, P e n n s y l­
v a n ia , M a r y la n d , Illin o is a n d K e n t u c k y . T h o liftin g o f tho
b a n o r m o d ific a tio n o f fo rm e r e m b a rg o es b y S ta to a u th o ritie s
in a n u m b e r o f S ta te s , in c lu d in g K e n t u c k y , K a n s a s , M o n ­
ta n a , C o lo ra d o a n d L o u is ia n a has also been w itn e sse d d u rin g
th e m o n th , as a re s u lt o f th o p ro g re ss m a d e in s ta m p in g o u t
th e diseaso. I n th e case o f C o lo ra d o , tho A m e ric a n C o m m is ­
sio n C o . ( In c .) , u n d e r d a te o f th e 16th in s t., issued a c irc u la r
c o n c e rn in g th o s itu a tio n , in w h ic h it said:
A t tho meeting o f tho Stato Sanitary Board hero at Denver on tho 12th,
m ost o f tho restrictions in connection with tho quarantine matters locally
in the State, that resulted from tho foot-and-m outh disease, were rem oved,




[Vol. 101.

as that diseaso has been exterminated in the United States and there aro
only a few isolated points in some o f the Eastern States where quarantines
are still in effect. T ho W estern States are to be congratulated on com ing
through this serious situation as well as they did, and it is hoped that by
A ug. 10 the C hicago stock yards will bo open and ready for tho m ovem ent
o f feeder cattle. Y ou understand, o f course, that at tho present tim e,
Chicago is still maintaining tw o divisions in tho yards— one for quarantined
cattle from Illinois, and the other for free cattle; but the quarantine division
is constantly growing smalter, and we hopo it will be entirely abandoned
b y the 10th o f August.
The Governm ent has annulled its order in connection with disinfecting
stock cars. This will be a m atter that is o f interest to stockm en, as it
withdraws that expense they are now paying. Furthermore, peoplo in tho
country havo gotten over their scare and they feel that if we should havo
another outbreak o f foot-and-m outh diseaso in this country, that, on account
o f tho new laws, and their experience with this disease, they can now
control it, and it has ceased to carry with it so much anxiety and dread.

I t is re p o rte d t h a t in P e n n s y lv a n ia 15,121 h ea d o f c a ttle
a n d m o re th a n 11,000 h ea d o f sw in o h a d to bo d e s tro ye d as
a re s u lt o f th o o u tb re a k o f th e diseaso in t h a t S ta to . E s t i­
m a te s place th e co st to th o S ta to a n d to th e F e d o ra l G o v e rn ­
m e n t a t o v e r 81,350,000, e x c lu s iv e o f th o loss to th o fa rm o rs
o r c a ttlo ra iso rs n o t re im b u rs e d . T h o diseaso p re v a ile d in
788 fa rm s in 34 co u n tio s ; a t th o tim e o f th o p ro v io u s o u tb re a k
in 1908 b u t 100 fa rm s w o ro a ffe c to d in 13 co u n tio s . T h u s fa r
th o S ta te L i v o S to c k S a n ita ry B o a rd has d u sb u rso d a b o u t
8650,000, o f w h ic h a b o u t 8445,000 w a s sp o n t in a p p ra is e m o n t
o f c a ttlo , f o r w h ic h th o S ta to p a id o n e -h a lf a n d th o F e d e ra l
G o v e rn m e n t a lik e s u m , a n d 8 3 8 ,0 0 0 fo vp ro p o rty d e s tro ye d .
T h o S ta te also p a id m o ro th a n 850,000 f o r d is in fe c ta n ts a n d
d is in fe c tin g a n d disp osa l o f c a ttlo .

PERU NAMES MEMBERS ON PAN-AMERICAN
CONFERENCE COMMITTEE.
T h o M in is t e r o f F in a n c e o f P e ru has n a m e d th e m e m b e rs
fro m th a t c o u n t r y w h o a ro to s e rve o n th o In te rn a tio n a l H ig h
C o m m is s io n o n U n if o r m L a w s — a c o m m itte e w h o so c re a tio n
w a s a u th o riz e d a t th e re c e n t P a n -A m e ric a n F in a n c ia l C o n ­
fe re n c e to co -o p e ra te w it h th e P a n - A m e ric a n U n io n fo r tho
p u rp o se o f b rin g in g a b o u t u n if o r m it y in th o c o m m e rc ia l la w s
o f th o d iffe re n t c o u n trie s . T h e P e r u v ia n G o v e rn m e n t also
a cce p te d S e c re ta ry o f th e T r e a s u r y M c A d o o ’s su g g e stio n th a t
th e fir s t m e e tin g o f th e C o m m is s io n be h e ld a t B u e n o s A y r e s
o n N o v . 1. P e ru is th e fir s t o f tho S o u th e rn R e p u b lic s to
a n n o u n ce tho a p p o in tm e n ts to th is C o m m is s io n w h ic h is to
in c lu d e n in e re p re s e n ta tiv e s fro m th e U n it e d S la te s a n d each
o f th o R e p u b lic s o f S o u th a n d C e n tra l A m e ric a . T h e m e m ­
be rs re p re s e n tin g th is c o u n t r y w e re a p p o in te d o n Ju n o 22,
M r . M c A d o o b e in g c o n s titu te d as th e ir C h a irm a n .

EMPLOYERS NOT LIABLE TO EXTRA ASSESSMENTS
UNDER NEW YORK STATE INSURANCE FUND.
A c c o rd in g to a n o p in io n re n d e re d b y A tto rn o y -G o n e ra l
W o o d b u r y o n th o 21st in s t., e m p lo ye rs w h o in s u re in th o
N o w Y o r k S ta to In s u ra n c e F u n d a n d h a vo p a id th o p ro m iu m s
re q u iro d b y th o W o r k m e n ’s C o m p e n sa tio n L a w a ro n o t s u b ­
je c t to f u r t lio r lia b ilit y b y assessm ent. T h o A t t o r n e y G e n e ra l a sserts t h a t in s u ra n c e in th o S ta to fu n d is n o t in
th is re sp e c t s im ila r to in s u i’anco in a m u tu a l a sso cia tio n o f
e m p lo ye rs . I t is ro p o rte d th a t th is q u e s tio n has been th o
s u b je c t o f d e b a to b e tw e o n th o m a n a g o m o n t o f th o S ta to fu n d
a n d th o re p re s e n ta tiv e s o f th o c a s u a lty co m p a n ie s, th o fo rm o r
m a in ta in in g t h a t th o la w co n fe rs n o p o w e r to assess a p o lic y ­
h o ld e r a n d th o la t te r c o n te n d in g th a t S e ctio n 100 o f th o A c t ,
w h ic h p ro v id e s t h a t in th o o v o n t o f th o w ith d ra w a l o f a
p o lic y h o ld e r h is lia b ilit y to assessm ent sh a ll co n tin u o fo r
ono y e a r, m a k e s p o lic y h o ld e rs s u b je c t to a n assessm ent lo v y .
T h o o p in io n o f th o A t to rn o y -G o n e r a l w a s g iv e n in r e p ly to
a n in q u ir y b y th o L u c a s & D a k o C o ., gon o ra l a g e n ts in
R o c h e s te r o f th o A o tn a L if e In s u ra n c e C o . T h e W o r k m e n ’s
C o m p e n s a tio n C o m m is s io n re c e n tly a d o p te d a re s o lu tio n
d e c la rin g its ju d g m o n t to bo t h a t it w a s w it h o u t th o r ig h t
o r a u t h o r it y u n d e r th o C o m p e n s a tio n L a w to lo v y a n assess­
m e n t u p o n a n y p o lic y h o ld e rs . T h o A t to rn o y -G e n o r a l in
u p h o ld in g th is re s o lu tio n sta tes t h a t, a fte r a c a re fu l s tu d y
o f th o la w , it is h is b e lie f th a t th o ro is n o p ro v is io n th e re in
w h ic h a u th o riz e s th o C o m m is s io n to assess a n y p o lic y h o ld o r
fo r a n y a m o u n t in oxcoss o f th o p re m iu m p a id . H o is q u o to d
as s a y in g :
I do not boliovo that it can bo said that tho Legislature has provided for
tho lovying o f an assessment on policyholders in tho Stato fund wlion wo
find that tho only mention made o f it is in a section permitting an employer
at tho expiration o f his policy to take out ono o f tho other rocognized forms
o f insurance. It m ay bo tiiat tills provision in Soction 100, dealing with
assessments, was placed in that section witli tho expectation that machinery
would bo provided olsewhere for tho lovying o f such an assessment or that
at tho tlmo it was inserted, thoro was actually in tho bill being drafted a
suitablo provision for tho levying o f such an assessment which was subse­
quently rem oved.
If tho statuto had somehwero oxprossly granted to tho Commission tho
power to levy an assessment for tho benefit o f the State fund, instead o f

J uly 31 1915.J

THE CHRONICLE

Incidentally referrring to it as an existing power, then the provisions o f
Section 07 authorizing the Commission to mako rules to carry into effect
tho provisions o f this chapter could bo applied. I beliovo tho courts w ould
bo reluctant to approve o f a delegation o f legislative power to the C om ­
mission to determine not on ly the machinery for the levy o f tho assessment,
but the limitations o f the assessment itsolf, where no such assessment was
directly authorized.

STOCKHOLDERS

IN

R A ILW A Y S
STATES.

OF

THE

UNITED

343

tons. T he amount to be withdrawn is accordingly 18.6% o f the total
tonnage.
T he total American gross tonnage on the Pacific Coast engaged in foreign
trade, as based on United States Governm ent figures for the fiscal year
ending June 30 1914, was 154,845 tons.
W hen tho Seamen’s Bill goes into effect, it is figured there will remain
in commission and operating from this coast a total tonnage o f 31,082,
which would indicate that the Pacific Coast will lose 92% o f the entire
tonnage lost b y the country.
It is understood there is some m ovem ent a foot to sell a number o f the
P acific M ail Steamship C o .’s boats to a Chinese corporation. This deal
m ay or m ay not be consum m ated, but in any event the fact that it is in
contem plation should furnish the members o f our Congress with sufficient
incentive to repeal at the very first opportunity this m ost vicious o f
statutes.

S ta tis tic s in d ic a tin g th o n u m b e r o f s h a re h o ld e rs in th o
r a ilw a y s o f th o U n it e d S ta to s h a v e be e n p re p a re d b y th o
B u re a u o f R a ilw a y E c o n o m ic s a t W a s h in g to n . T h o ta b le ,
c o v e rin g a ll th o r a ilw a y s o f th o c o u n t ry , o xco p t a fo w ro a d s
f o r w h ic h d a ta w o re n o t a v a ila b le , p ro so nts th o n u m b e r o f BANKING, FINANCIAL AND LEGISLATIVE NEWS.
s to c k h o ld e rs as s h o w n o n th o b o o ks o f th o co m p a nie s a n d
O n ly one lo t o f 4 sha res o f b a n k s to c k w a s sold a t th e S to c k
re p o rte d to th o In te r -S ta t e C o m m e rc e C o m m is s io n . I t is E x c h a n g e th is w e e k a n d n o sales w e re m a d e a t a u c tio n . I n
p o in te d o u t th a t th e r e la t iv e ly la rg o h o ld in g s p e r s to c k h o ld e r t ru s t c o m p a n y s to c k s a sale a t a u c tio n o f fiv e sh a res c o m ­
s h o w n f o r C la ss I I ro a d s a n d f o r n o n -o p e ra tin g ro a d s o f prises th o w e e k ’s tra n s a c tio n s .
th o W e s te rn d is tric t, a re du o to th e fa c t t h a t m a n y sm a ll Shates. B A N K Neto York.
Low. High. Close. Last previous sale.
ro a d s a ro o w n e d in w h o le o r in p a rt b y o th o r r a ilw a y s o r *4 Com m erce, N at. Bank o f -------- 161
161
161
July 1915— 161
T R U S T C O M P A N Y — New York.
b y m in in g o r o th o r in d u s tria l c o rp o ra tio n s .
C la ss I ro a d s
5 Colum bia Trust C o . . . . .......... 470 470
470
April 1915— 470
a ro tho so h a v in g a n n u a l o p e ra tin g ro vc n u o s o f S I , 000,000 o r
* Sold at the Stock Exchange.
o v o r, C la ss I I ro a d s o f less th a n S I , 000,000 a n d n o t less th a n
S I 00,000, a n d C la ss I I I ro a d s o f loss th a n S I 00,000. T h o
A m a rk e d in cre a so is re p o rte d th is y e a r in th e special tra in
s u m m a ry is as fo llo w s :
N U M B E R OF S T O C K H O L D E R S A N D A V E R A G E A M O U N T OF o rg a n iza tio n s a rra n g e d fo r th e c o n ve n ie n c e o f th e la rg e delega ­
S T O C K P E R S T O C K H O L D E R , R A IL W A Y S OF T H E
tio n s fro m a ll im p o rta n t c e n tre s o f th e c o u n t r y to th e a n n u a l
U N IT E D ST A T E S JU N E 30 1914.
Nu?nbcr
Avge. Amt. Miles c o n v e n tio n o f th o A m e ric a n B a n k e rs ’ A s s o c ia tio n , w h ic h ta ke s
of
Capital of Cap. Stk of
p lace a t S e a ttle d u rin g th e w e e k o f S e p t. G. E v e r y c o m fo rt
Number Stockholders
Stock
per Stock- Single
District and Class. of June 30 Outstanding, holder. Track a n d f a c ilit y o f t r a v e l w ill bo p ro v id e d th e m on ro u te . M a n y
United States—
Roads. 1914.
Par Value. Par Value. Oper. delegates fro m o u t ly in g se ctio n s, b o th in d iv id u a lly a n d in
Operating roads:
sm a ll p a rtie s , w h o a re n o t in s u ffic ie n t n u m b e r to w a r r a n t
Class I ___________ 171 520,918 86,774,840,316 813,006 224,550
special tra in a rra n g e m e n ts , w ill jo in th e ir frie n d s in th e n e a r­
Class I I __________ 271
10,010
441,579,609
43,982
20,945
Class I I I . ______ 395
8,480
134,782,574
15,894
8,892 est re s p e c tive ce n tre s a n d re c e ive a lo n g w it h th e m a ll th o a t ­
te n tio n w h ic h w ill be g iv e n th o sp e cial d e le g a tio n s . T h e
T otal oper. rd s. 837 539,438 87,351,202,529 S13.628 254,387
special tra in a rr iv a ls w ill b e g in to re a ch S e a ttle as e a r ly as
N on-operating roads 450
82,846
1,334,561,596
16,109
th o fo re n o o n o f S a tu rd a y , a n d w ill c o n tin u e to th e fo re n o o n
Total U. S ____1,287
622.284 SS,685,764,125 S I3,958 254,387 o f M o n d a y , th o 6 th .
A s h e re to fo re in d ic a te d , th o o ffic ia l
Eastern District—
p ro g ra m fo r M o n d a y w ill bo c o m m itte e m e e tin g s a t h ea d ­
Operating roads:
Class I___________
69 219,882 S2,572,849,742 811,701
58,667 q u a rte rs h o te l, th e c o m m itte o s b e in g C u r r e n c y , A g r ic u ltu ra l,
86
Class I I __________
4,648
123,930,909
26,663
4,330 In s u ra n c e L a w , F e d e ra l L e g is la tiv e , F in a n c e a n d E x e c u t iv e
Class I I I ......... ..
105
3,595
36,832,378
10,245
1,784
C o u n c il m e e tin g in th e b a ll ro o m o f th e N e w W a s h in g to n
Total oper. rd s. 260 22S.125 S2,733,613,029 SI 1,983
O n T u e s d a y m e e tin g s o f th o v a rio u s
64.781 H o te l in th e a fte rn o o n .
N on-operating roads 312
75,480
745,695,994
9,879
se ctio n s— T r u s t C o m p a n y , S a v in g s B a n k , C le a rin g H o u s e
T o t. East. Dist. 572 303,605 S3,479,309,023 SI 1,460
64,781
a n d th e S ta te S e cre ta rie s — w ill ta k o p lace a t th e N e w W a s h ­
Southern District—
Operating roads:
in g to n . T h e g e n e ra l c o n v e n tio n w ill h o ld its m e e tin g s o n
Class I --------------33
37,933
S956,612,500 825,218
41,103 W e d n e s d a y a n d T h u r s d a y .
Class I I __________
57
2,005
91,990,650
31,666
4,549
T h o socia l p ro g ra m w a s o u tlin e d in o u r issue o f J u n e 12;
Class H I _________ 118
1,846
40,284,625
21,823
2,703
special e n te rta in m e n ts lia v o been a rra n g e d f o r each d a y ,
Total oper. rd s. 208
42,684 S I,088,887,775 S25.510
48,355 a n d o n F r id a y th e w h o lo d a y w ill be g iv e n u p to a t r ip on
N on-operating roads
57
4,692
68,284,450
14,553
—
P u g e t S o u n d ; th e re w ill be n o bu sin ness session o n t h a t d a y .
Total Sou. D ist. 265
47,376 81,157.172,225 $24,425
T h e W a s h in g to n S ta te B a n k e rs ’ A s s o c ia tio n w ill h o ld its
48.355
Western District—
a n n u a l c o n v e n tio n in S e a ttle o n th e 6 th a n d 7 th o f S e p t., w it h
Operating roads:
h o te l h e a d q u a rte rs in th e N e w R ic h m o n d H o te l. O u ts id e
Class I ___________
69 263,103 S3,245,378,104 812,335 124,781
Class 11__________ 128
2,487
225,658,050
90,735
12,066 o f th e ir c o n v e n tio n h o u rs a n d fo llo w in g th e c o n c lu s io n o f
Class I I I _________ 172
3,039
57,665,571
18,975
4,404
th e ir m e e tin g , th e y w ill a ssist th o S e a ttle b a n k e rs in e n te r­
Total oper. rd s. 369 268,629 S3,528,701,725 813,136 141,251
ta in in g th e g u e sts o f tho A m e ric a n B a n k e rs ’ A s s o c ia tio n .
Non-operating roads

81

2,674

520,581,152

194,683

T o t.W e st. D ist. 450 271,303 84,049,282,877 814,925 141,251
— Tho designations “ Eastern D istrict,” “ Southern D istrict” and
"W estern D istrict” indicate territorial divisions as follows: tho Eastern
district comprises roads in tho region extending from tho Atlantic
seaboard north o f the P otom ac and Ohio rivers to a western boundary
constituted o f Lake M ichigan, a lino drawn from Chicago through Peoria
to St. Louis and tho Mississippi R iver from St. Louis to Cairo. Tho
Southern district comprises tho roads east o f tho Mississippi and south o f
tho Ohio and Potom ac rivers. Tho W estern district comprises roads in
the region extending west from Lake M ichigan, a lino drawn from Chicago
through Peoria to St. Louis, anti tho Mississippi R iver from St. Louis to
tho Gulf. Roads lying in m ore than one o f these districts are assigned to
that district in which lies tho largest portion o f their mileage.

Note.

EFFECT OF SEAMEN'S ACT ON PACIFIC COAST
SHIPPING.

A p a m p h le t g iv in g fa c ts a b o u t S e a ttle a n d th e S ta te o f
W a s h in g to n has been p re p a re d b y F . D ic k in s o n , S e c re ta ry
o f tho p u b lic it y c o m m itte e o f th e c o n v e n tio n , fo r th o p u rp o se
o f s e ttin g c o n c is e ly b e fo re th e p ro s p e c tive g u ests a fo w sa lie n t
p o in ts s u g g e s tive o f trip s to th e m o ro n e a rb y c itie s , to w n s ,
places a n d scenes w e ll w o r t h a v is it . B e sid es th e in fo rm a ­
tio n b e a rin g o n th e v a rio u s p o in ts o f in te re s t re a d ily re a ch e d ,
th e b o o k le t c o n ta in s a lis t o f th e citie s, h o te ls , b a n k s , p r in ­
cip a l o ffice a n d p u b lic b u ild in g s , th e a tre s , r a ilw a y a n d ste a m ­
sh ip o ffice s.

T h e B o a rd o f G o v e rn o rs o f th o In v e s tm e n t B a n k e rs A s ­
s o c ia tio n o f A m e ric a h e ld t h e ir q u a rt e rly m e e tin g a t th e
T h o fo llo w in g fro m th o “ F in a n c ia l L o t t o r ” o f th o A m o rio a n P o rtla n d (M o .) C o u n t r y C lu b la s t F r id a y a n d S a tu rd a y ;
N a tio n a l B a n k o f S a n F ra n c is c o o f J u l y 25 illu s tra te s th o A . B . L e a c h , P re s id e n t o f th o A s s o c ia tio n , p re sid e d . T h e
d isa stro u s e ffe c t o f th o S eam o n ’s A c t o n s h ip p in g so f a r q u e s tio n o f r u r a l la n d c re d its w a s discussed a n d re fe rre d to
a c o m m itte e w h ic h w a s re q u e ste d to m a k e a re p o r t th e re o n
as th o P a c ific C o a s t is co n ce rn e d :
Tho Foreign Trade Department o f the San Francisco Chamber o f C om ­ a t th o a n n u a l c o n v e n tio n to bo h e ld in D e n v e r on S e p te m b e r
merce lias com piled the following list o f steamship companies which, it is 20, 21 a n d 22.
C o m m itte e re p o rts o n a n u m b e r o f im ­
claimed, will retire from business on or before N ov . 4, tho date the now p o rta n t s u b je c ts ca m e u p f o r d iscu ssio n a t th e e x e c u tiv e
Soamcn's Hill will becom e operative:
T h e fo llo w in g o ffic e rs h a v e been n o m in a te d fo r
R obert Dollar C o ................................................................................... 25,192 tons sossion.
Great Northern Steamship C o __________________________________ 20,718 “
th o c o m in g y e a r: P re s id e n t, L o w is B . F r a n k lin , V ic e -P re s Pacific M ail Steamship C o ----------------------------------------------------------5 l!8 9 8 “
id o n t o f th e G u a r a n t y T r u s t C o m p a n y o f N e w Y o r k ; V ic e P . M . S. S ., British bottom s to be withdrawn________________ 10,244 “
P ro s id c n ts , A lle n G . I l o y t o f N e w Y o r k , J o h n E . B lu n t , J r .
P. M . S. S., S. Central American Line________________________ 22^955 “
o f C h ic a g o , S te d m a n B u t t r ic k o f B o s to n , A le c C . F o s te r o f
T otal tonnage to bo withdrawn on account o f the Seamen’s
D e n v e r a n d C . E d g a r E ll io t o f C h ic a g o ; T r e a s u r e r , J .
Bil1 .................................................................................................... 134,007 "
H o rn d o n S m ith o f S t. L o u is , a n d S e c re ta ry , F re d e ric k R .
According to the last statistical abstract o f tho United States, tho total
American steam tonnage engaged iiU foreign'tradoIam ounted to ^720,609
F e n to n o f C h ic a g o . T h e n o w n o m in a tio n s fo r th o B o a r d jo f



THE CHRONICLE

344

G o v e rn o rs a re : R ic h a rd M o r r is , G o o rg o C . C la r k , J r . a n d
G e o rg o W . H o d g e s o f N e w Y o r k ; G e o rg o M . T a y l o r a n d
H a r r y L . S tu a rt o f C h ic a g o ; J . S lio p p a rd S m ith o f S t. L o u is ;
R e a m y F ie ld o f C in c in n a ti; C h a rle s L . S ta c y o f T o le d o a n d
L y n n M . D in k in s o f N o w O rle a n s . W illia m L . R o s s o f
M ilw a u k e e has b e e n e lected to s e rvo tlio u n o x p ire d te rm
o n th o B o a rd o f G o v e rn o rs o f N . D e a n J a y , re s ig n e d .

[Vol. 101.

S o u th e rn c itie s a n d a t th e tim o o f its fa ilu re w a s re p o rte d to
h a v e h a d assets o f S I , 439,028 a n d lia b ilitie s o f $5,090,179.
T h e su sp e n sio n o f th o c o tto n c o n c e rn u n c o v e re d m a n y ir ­
re g u la r b ills o f la d in g a ffe c tin g n u m e ro u s fo re ig n in te re s ts
a n d a n u m b e r o f s u its re s u lte d in w h ic h a tte m p ts w o re m ad e
to re c o v e r losses s u ffe re d th ro u g h th e alloged fra u d u le n t
b ills o f la d in g . T h o la rg e s t c re d ito rs o f th o c o n c e rn w o re in
N e w Y o r k a n d fo re ig n c o u n trie s .

T h e N a tio n a l S h a w m u t B a n k o f B o s to n has b e e n a p p o in te d
I l o n r y M . C o n k o y , C a s h ie r o f th o C h a se N a tio n a l B a n k o f
a g e n t a n d c o rre s p o n d e n t to h a n d le a ll N e w E n g la n d b usiness
f o r th e B a n c o do la N a c io n (B a n k o f th e N a t io n ) , A r g e n t in a , th is c i t y , die d o n th o 2 4 th in s t. o f ty p h o id -m e n in g itis , a fte r
B u e n o s A y r e s . T h o la t te r is th o G o v e rn m e n t b a n k o f a n illn e ss o f s o v o ra l w e e k s . M r . C o n k o y e n te re d th e o m p lo y
A r g e n t in a a n d th e la rg e s t in S o u th A m e ric a , h a v in g to ta l o f th e C h a se N a tio n a l in 1901; h o w a s a p p o in te d A s s is ta n t
re s o u rce s , a c c o rd in g to th e la s t p u b lis h e d s ta te m e n t, e q u iv ­ C a s h ie r in M a y 1908 a n d h a d beon C a s h io r sinco J a n u a r y
a le n t to o v e r $350,000,000 in g o ld . I t is p o in te d o u t t h a t a 1910. H o w a s th irt y - s o v o n y e a rs o f ago.
G o v e r n m e n t . b a n k , h a v in g n o eloso E u ro p e a n a ffilia tio n s
w h ic h m ig h t p ro v e d is a d va n ta g e o u s to U n it e d S ta tes m e rc h ­
A t a m o o tin g o f th e d ire c to rs o f th o C h a so N a tio n a l B a n k
a n ts in d e a lin g w it h L a t in A m e ric a is in a b e tte r p o s itio n to o n W e d n e s d a y G u y E . T r i p p , C h a irm a n o f th o W e s tin g h o u s e
g iv o im p a rtia l s e rvic e to m a n u fa c tu re rs a n d m e rc h a n ts o f E le c t r ic & M a n u fa c t u r in g C o . w a s eloctod a D ir e c t o r , to
th is c o u n t ry .
succeed H e n r y M . C o n k o y , doceased; A lfr e d C . A n d ro w s ,
f o r m o r ly A s s is ta n t C a s h io r, w a s a p p o in te d C a s h io r; a n d
M a jo r C h a rle s E ll io t W a r r o n , P re s id e n t o f th o L in c o ln G e o rg o H . S a y lo r a n d M . H a d d e n H o w e ll, f o r m a n y y e a rs
N a tio n a l B a n k o f th is c it y , w h o so in to ro s t in m ilit a r y m a t­ co n n e cte d w it h th o C r e d it D o p a rtm o n t o f th o B a n k , w e ro
te rs o f th o m e tro p o lis is w e ll k n o w n , is in re c e ip t o f th o fo l­ a p p o in te d A s s is ta n t C a s h io rs .
lo w in g le tte r fro m th o S e c re ta ry o f th o N a v y :
NAVY DEPARTM ENT
J o h n I I . S c o v illo , a m o m b o r o f th o S to c k E x c h a n g o a n d
W ashington
.July 23, 1915. p a rtn e r in th o f ir m o f M a x w e ll & S c o villo o f th is c it y , d ie d
M r. Charles E lliot W arron, Pres., Lincoln N a t. Bank, N ow Y ork , N . Y .,
o n th o 2 4 th in s t. a t N o r t h A n d o v e r , M a s s . H o w a s in h is
M y Dear Sir:-The attention o f the N a vy Departm ent has boon drawn to
s o v o n ty -s e c o n d y e a r.
a certain action taken b y tho Lincoln N ational Bank to encourage its
employees to join and serve in the M ilitia. It is gratifying to ioarn that
broad-minded men are beginning to realizo the importance o f m ilitary and
naval sorvice and the m oral obligation resting on all good citizens to con
tribute by practical self-sacrifico, either financial or personal, to thostrongth
ening o f tho national defense, and tho reported manifestation o f patriotism
Iiown b y the Lincoln N ational Bank in allow ing its employees to servo in
she M ilitia without loss o f pa y, and without loss o f their regular annual
teavo, receives tho unqualified approval o f tho N a vy Departm ent.
V ery respectfully,
(Signed)
D A N IE L S .

JOSEPnUS

T h e c o n s titu tio n a lity o f th o P e n n s y lv a n ia la w sig n e d b y
G o v . T e n o r o n J u n o 19 1911 w h ic h places p r iv a t o b a n k in g
houses u n d e r th o s u p e rv is io n o f th o S ta to , w a s u p h e ld b y
J u d g o P o r t e r o n th o 21st in s t. in a n o p in io n file d in th o
S u p e rio r C o u r t a t P h ila d e lp h ia , d is m iss in g th e a ppea ls o f
s ix It a lia n b a n k e rs w h o h a d b e e n c o n v ic te d a n d fin e d fo r
v io la t in g th o p ro v is io n s o f th o A c t . T h o la w co m p e ls a ll
p r iv a t o b a n k e rs in bu sin e ss less th a n so vo n y e a rs p r io r to its
passago to ta k e o u t a S ta te L ic o n s e a n d o th e rw is e su b je cts
th e m to re g u la tio n . T h e ru lin g o f th o S u p o rio r C o u r t u p ­
h o ld s a de cisio n b y Ju s tic o M e s tre z a t o f th o S u p re m o C o u rt .
A t th o tim o o f th o passago o f th o A c t ,w h ic h w a s k n o w n as
th e A l t e r B ill, i t w a s s ta te d t h a t tho so w h o m it p rin c ip a lly
co n ce rn e d w e ro fo re ig n e rs o ngaged in s o ilin g ste a m sh ip
tic k e ts a n d c o n d u c tin g b a n k s f o r th e ir c o u n try m e n .
T h o ad d re ss o n “ C u r ro n t B a n k in g P ro b le m s ” re c o n tly
d e liv e re d b y W illia m A . L a w , P re s id e n t o f th o A m e ric a n
B a n k e rs A s s o c ia tio n b e fo re th e M is s o u ri B a n k o rs A s s o c ia ­
tio n has be e n p rin te d in b o o k lo t fo rm . W o ro fo rre d to M r .
L a w ’s re m a rk s in la s t w e e k ’s issue (p p . 25G a n d 257). A
c o p y o f th o b o o k le t ca n be o b ta in e d , w o b e lio vo , on a p p lic a ­
tio n to tho F i r s t N a tio n a l B a n k , P h ila d e lp h ia , o f w h ic h
M r . L a w is P re s id e n t.
A re p o rt o n th o c o n d itio n o f th e O k la h o m a b a n k d e p o sit
g u a r a n t y fu n d f o r th o th re e m o n th s end ed J u n o 30, w h ic h
h as been issu ed b y P . C . D in g s , T r e a s u r e r o f th o S ta to B a n k ­
in g B o a rd , sh o w s a re d u c tio n in w a r r a n t in d e b te d n e ss o f
$9,314 sinco th o p re v io u s q u a rte r, th o to ta l o u ts ta n d in g b e ­
in g $742,334, a g a in s t $751,648 fo r th e f ir s t q u a rte r o f th o
y e a r. C a s h o n h a n d a g g re g a te s $86,505, as c o m p a re d w it h
$17,184 f o r th e p re v io u s th re o m o n th s . D u r in g th o second
q u a rte r, th o r e p o rt s h o w s , w a rra n ts w e ro issu ed to th o
a m o u n t o f $11,407, w liilo th o so re s to re d to ta le d $20,361. O f
th o to ta l o u ts ta n d in g w a rra n ts , th o b o a rd h o ld s $438,911
in lie u o f c o lla te ra l o f b a n k s .
C re d ito rs in D e c a tu r, A l a . , o f th e c o tto n f ir m o f K n ig h t ,
Y a n c e y & C o ., w h ic h fa ile d in A p r i l 1910, re c e ive d o n th o
2 0 tli in s t. a p a y m e n t o f 1 0 % o n t h e ir cla im s. A le tte r w h ic h
w a s se n t o u t a c c o m p a n y in g th e d is b u rs e m e n ts s ta te d th a t
a n o th e r s m a ll p a y m e n t w o u ld p ro b a b ly bo m a d e to th e
c r e d i t o r s . A s h e re to fo re n o te d K n i g h t , Y a n c o y & C o . w a s
one o f th e la rg e s t c o tto n c o n ce rn s in th e S o u th , h a v in g offices
in D e c a tu r, M o b ile , H u n t s v ille , B irm in g h a m a n d o th e r



T h e C o r n E x c h a n g o B a n k o f th is c i t y w il l open its L o x in g to n B ra n c h a t th o c o rn e r o f GOth S tre e t a n d L o x in g to n
A v e n u e o n A u g u s t 2. A s h e re to fo re a n n o u n c e d th o b a n k
w a s a u th o riz e d la s t F e b r u a r y b y th o S ta to B a n k in g D e p a rt ­
m e n t to e s ta b lis h th is o ffic e w h ic h w ill bo th o in s titu t io n ’s
t h i r t y - f i f t h b ra n c h in G re a to r N o w Y o r k .
T h e a b s o rp tio n o f th e S e c u rity B a n k o f th is c i t y b y tho
C e n t u r y B a n k w a s e ffe c te d la s t S a tu rd a y , th o 2 4 th in s t.,
fo llo w in g th o a p p ro v a l o f th o a rra n g e m e n ts b y S ta to S u p e r­
in te n d e n t o f B a n k s E u g e n e L a m b R ic h a rd s . W i t h re g a rd
to re p o rts t h a t th e C h a th a m & P h e n ix N a tio n a l B a n k co n ­
te m p la te s re lin q u is h in g its n a tio n a l c h a rte r a n d e n te rin g
th e s ta te s ys to m w it h a v ie w to ta k in g o v e r th o C e n t u r y
B a n k , L o u is G . K a u fm a n , P re s id e n t o f th o C h a th a m &
P h e n ix a n d C h a irm a n o f th o E x e c u t iv e C o m m itte e o f th e
C e n t u r y B a n k sa id o n T h u r s d a y : “ I t is a p o s s ib ility b e in g
discussed. I t is n o t y e t c e rta in t h a t th e a c tio n w ill be ta k e n .
I f it is de cid e d u p o n it w ill n o t bo in th o n e a r f u t u r e .” W it h
th o a c q u is itio n o f th o S e c u rity B a n k a n in cre a se has been
m a d e in th o c a p ita l a n d s u rp lu s o f th o C e n t u r y ; a n issuo o f
6,500 sha res o f s to c k has been p u t o u t a n d has been p u rch a se d
b y a s y n d ic a te a t $180 p e r sh a re , a t w h ic h fig u re it w ill bo
o ffe re d to th o s h a re h o ld e rs o f th o C e n t u r y ; th o issuance o f
th e n e w s to c k se rve s to raiso th o c a p ita l fro m $600,000 to
$1 250 000 a n d to g iv o th o b a n k a c o m b in e d c a p ita l a n d
s u rp lu s , a c c o rd in g to a re p o rt issued u n d e r da to o f th e
2 4th in s t., o f $2,275,766. O n th o sam e d a te th o e n la rg e d
b a n k re p o rte d d e p o sits o f $23,316,357 a n d reso urce s o f
$25 597,539. T h e fo llo w in g s ta to m o n t w it h re g a rd to tho
m e rg e r o f th o S e c u rity w it h th e C o n t u r y w a s m ad e p u b lic
la s t S a tu rd a y b y th o P re s id e n t o f tho la t te r , I I . L . C r a w fo r d :
T ho Century Bank has taken ovor tho business o f tho Security Bank, ac­
quiring its good will and deposits and assuming its deposit liabilities. Tho
transaction became effective to-day and tho Century Bank will continuo
tho business o f tho Security Bank, as usual, at all its branches, excopt only
tho branch at 3rd Avenue and 106th Street, which will bo discontinued.
All checks against balances with the Security Bank will bo honored by tho
C entury.
The transaction followed favorable action o f tho board o f directors o f
tho Security Bank and o f m oro than two-thirds o f its stockholders and was
the result o f a protracted negotiation carried on on behalf o f tho Century by
its president with tho co-operation o f L . CL Kaufm an, chairman o f its ex­
ecutive com m ittee, and our counsel, Messrs. Lawronco & Lawronce. It
has tho approval o f tho Superintendent o f Banks o f tho State o f Now Y ork
and o f tho Clearing House authorities, who havo beon acquainted with tho
negotiation throughout its prograss.
T ho Century Bank lias now beon admitted to membership to tho N ew
Y ork Clearing House and is increasing its capital and surplus in proportion
to its increased business. It now lias a paid in capital and surplus o f
32,240,000 with deposits including those o f tho Security o f about 324,000,­
000. Its total resources are in tho neighborhood o f $27,000,000, which
makas it one o f the strongest o f tho uptown banks. T ho officers o f the
Century Bank remain unchanged. T hey are Harden L . Crawford, Pres­
ident, and L . G . K aufm an, Chairman o f tho executive com m itteo. Tho
Vice-Presidents aro C . Stanley M itchell, Georgo P . Kennedy and Bobert
IJ. M inis. II. A . Clinkunbroom or is Cashier. It. Boss A ppleton, Presd e n t o f tho Security Bank, and Bradley M artin and B . I. Brewster, VicoPresidents o f tho Security, havo also been elected as additional Vice-Pres­
idents of tho Century B ank, which, with its strength greatly increased, will
befbetter inialpositionltolservojitsjpatrons andlthelpublic'ithan’ evor beforo.

J uly 31 1915.]

THE CHRONICLE

T h e C e n t u r y B a n k has e le ve n b ra n c h e s in a d d itio n to its
m a in o ffic e a t 5 th A v e n u o a n d 2 0th S tre e t; th o b ra n c h e s a ro
lo c a te d as fo llo w s : 5 th A v e n u e a n d 14th S tre e t; 3 rd A v e n u e
a n d 5 7 th S tre e t; 2 W e s t 33d S tre e t; 125th S t. a n d L e x in g ­
to n A v e n u e ; 110th S t. a n d L e n o x A v e n u e ; B o w e r y a n d
G r a n d S tre e t; 345 G r a n d S tre e t; 9 th A v e n u o a n d 14th S tre e t;
GGth S tre e t a n d 2 n d A v e n u e ; W a r r e n a n d G re e n w ic h S tre e ts
a n d B r o a d w a y a n d 104th S tre e t. I t is s ta te d t h a t o ne re a so n
te n d in g to w a rd th o c o n s id e ra tio n o f th o c o n v e rs io n o f th o
C h a th a m & P h e n ix N a tio n a l to a sta to in s titu tio n is th o fa c t
t h a t u n d e r th o F e d e ra l la w it w o u ld n o t be a b lo to o p e ra te
th o b ra n c h e s o f th o C e n t u r y in th o e v e n t t h a t t h a t in s titu t io n
w o ro ta k e n o v e r b y it .
S c o tt F o s t e r ro tire d o n th o 2 9th in s t. as P re s id e n t o f th o
P e o p le ’s B a n k o f th is c i t y a n d w a s ele cte d C h a irm a n o f th o
b o a rd o f d ire c to rs . M r . F o s to r, w h o has been h e a d o f th o
P e o p lo ’s fo r th irt y - o n o y e a rs a n d a d ire c to r in th o in s titu t io n
f o r t h irt y - n in o y e a rs , w a s te n d o red a lu n c h e o n o n T h u r s d a y
b y th o b o a rd o f d ire c to rs a t w h ic h ho w a s pro so nto d w it h a
s ilv e r lo v in g c u p a n d e n g ra ve d re s o lu tio n s e xp re s sin g a p ­
p re c ia tio n o f h is s e rvic e s . W illia m M iln o , w h o has been
C a s h ie r o f th o b a n k f o r a n u m b e r o f y e a rs , has been olocted
P re s id e n t to succeed M r . F o s te r. J o h n B . F o r s y t h , h o ro to fo ro A s s is ta n t C a s h io r, becom es C a s h ie r w h ilo W y c k o f f I .
D o y h as boon re a p p o in te d A s s is ta n t C a s h io r.
W a d e G a r d ’n e r, a g e n t fo r th o H o n g K o n g a n d S h a n g h a i
B a n k in g C o rp o ra tio n , 36 W a ll S tre o t, th is c it y , has re c e ive d
ca b lo a d vic e s fro m th o hea d o ffice o f tho c o rp o ra tio n a t I lo n g
K o n g s ta tin g t h a t a n in te rim d iv id o n d o f 43 s h illin g s p e r
sh a re has been d e c la re d fo r th o h a lf y e a r e nd ed J u n o 30. T h o
d iv id o n d is s u b je c t to u s u a l d e d u c tio n o f in co m e t a x a n d w ill
bo p a ya b lo A u g . 1G.
T h o M e tro p o lita n T r u s t C o m p a n y o f th is c i t y h as re c e ive d
p e rm is sio n fro m th o S ta to B a n k in g D e p a rtm e n t to e sta b lish
a b ra n c h o n F i f t h A v o n u o . I t is o xp e cte d t h a t th o b ra n c h
o ffic o w ill bo opo ned a b o u t O c to b e r 1.
W a lt e r S . J o h n s to n , V ic e -P ro s id o n t o f th o A m o ric a n S u r­
e t y C o ., a n d a d ire c to r o f th o G u a r a n t y T r u s t C o m p a n y o f
th is c i t y , d io d o n th o 23d in s t. in G a rd e n C i t y , L . I . M r .
J o h n s to n w a s f o r m e rly P re s id e n t a n d C h a irm a n o f th o E x ­
e c u tiv e a n d I in a n c o c o m m itte e s o f th o A m o ric a n S u r e t y
C o . I I o w a s re c e iv e r fo r th o o ld N a tio n a l B a n k o f th o S ta to
o f A lis s o u ri in S t. L o u is a n d w a s la te r a p p o in te d rc c e iv o r o f
th o A la r in o N a tio n a l B a n k o f th is c i t y . A i r . J o h n s to n ’s
te s tim o n y in th o c rim in a l p ro ce e d in g s fo llo w in g th o G r a n t W a r d fa ilu ro w h ic h b ro u g h t a b o u t th o c lo s in g o f th o M a rin o
B a n k s o rve d to a b s o lvo G o n o ra l G r a n t fro m th o c h a rg o o f
fra u d .
T h o F r a n k lin T r u s t C o . o f N o w Y o r k a n d B r o o k ly n ,
A r t h u r K in g W o o d , P re s id e n t, sh o w s th o la rg e s t g a in in
dop o sits o f a n y t ru s t c o m p a n y in B r o o k ly n o v e r th o b a n k ca ll
o f a y e a r ago . T h o g ro w t h o f d o po sits o n J u n o 23 w a s m o re
th a n $6,000,000, th e fig u re s b o in g $12,200,950 J u n o 30 1914
a n d $18,377,888 J u n o 23 1915; tho in cre a so is d u o in p a rt
to th o e s ta b lis h m e n t o f th o in s titu t io n ’s n o w b ra n c h in N o w
Y o r k C i t y , th e c o rn e r o f W a ll & W illia m S tre o ts . T h o C o m ­
p a n y ro c o n tly lo s t its old e st T r u s t e e , W m . H . W a lla c e , w h o
d ie d J u l y 2 0 th . H o w as ono o f th o in c o rp o ra to rs o f th o
C o m p a n y in 1888 a n d a m e m b e r o f th e fir s t b o a rd o f tru sto e s.
M a r t in J o o s t, V ic e -P re s id e n t o f th o B o n d & M o rtg a g o
G u a ra n te e C o m p a n y , a n d C h a rle s K . B o o k m a n o f th e la w
fir m o f B o o k m a n , A Te n k e n & G ris c o m , h a v o rc c o n tly been
a d d e d to th e F r a n k l in ’s b o a rd . E d w a r d C . D o la fio ld is n o w
V ic e -P re s id e n t.

345

o f th o in s titu t io n in A p r i l 1910. G r o u t plead ed n o t g u ilt y
to th e ch a rg o . A p ro v io u s in d ic tm e n t a g a in s t G r o u t w a s
h a n d e d d o w n in O c to b e r 1911 c h a rg in g a m is d e m e a n o r in
h a v in g m a d e a false re p o r t to th o S ta to S u p e rin te n d e n t o n
M a r c h 25 1910. A m o tio n to d ism iss th e p e r ju r y in d ic tm e n t,
w a s d e n ie d o n M a y 14 1914 b y J u s tic e K e l l y o f th e -S u p re m o
C o u r t o f B r o o k ly n . A n o t h e r m o tio n to su p ersede th e 1911
in d ic tm e n t a n d to d ism iss th o ono h a n d e d d o w n in 1913 fo r
fa ilu ro to p ro se c u to w a s d e n ie d o n A p r i l 24 la s t b y C o u n t y
J u d g o J o h n F . H y l a n . T h e 1911 in d ic tm e n t, D is t r ic t A t ­
t o r n e y C ro p s e y a sse rte d , w a s “ e m a s c u la te d ” b y a ru lin g o f
J u s tic e Jo s ia h T . M a re a n , since re tire d . J u s tic e M a re a n
g ra n te d a m o tio n to s trik o o u t th e m o s t se rio u s a lle g a tio n s
in th o in d ic tm e n t. T h o t ria l o f th o fo rm e r P re s id e n t o f th e
U n io n B a n k b e g a n o n M a y 24. I t is re p o rto d t h a t th e tria l
o f Ja m e s T . A s lilo y , fo rm e r C a s h ie r o f tho U n io n B a n k , w h o
w as in d ic te d o n th o sam o c h a rg e s as P re s id e n t G r o u t , w ill
bo h e ld in th e e a r ly fa ll.
r ^ Ja m e s

A . S m ith has been ele cte d a tru s te e o f th e P e o p le ’s
I r u s t C o m p a n y o f B r o o k ly n to f ill a v a c a n c y o n th o b o a rd .
A i r . S m ith is a d ire c to r in th o P a c ific B a n k a n d th e E a s t
R i v e r S a v in g s In s t it u t io n o f th is c i t y , s e n io r p a rtn e r in th o
d ry g o o d s f ir m o f C a lh o u n , R o b b in s & C o . a n d V ic e - P re s ­
id e n t a n d d ire c to r o f th o P e e rle ss T u b e C o m p a n y .
D e p o s ito rs o f th o B r o w n s v ille b ra n c h o f M a x IC o b re ’s p r i­
v a te b a n k , w h ic h w a s ta k e n o v e r b y S ta te B a n k in g S u p e rin ­
te n d e n t R ic h a rd s in A u g u s t 1914, a cce p te d a p ro p o s itio n on
th o 2 6 th in s t., a t a m e e tin g ca lle d b y th o re fe re e in b a n k ­
r u p t c y , w h e re b y th e b ra n c h o f th o d e fu n c t p r iv a t e b a n k w ill
bo re o rg a n iz e d u n d e r th o n a m e o f th o B ro w n s v ille A s s e ts
C o rp o ra tio n . T h e c o m p o s itio n , w h ic h w a s o ffe re d b y A lo se s
G in s b e rg , m a n a g e r o f th e B ro w n s v ille b ra n c h , p ro v id e s fo r
th o p a y m e n t o f th e d e p o s ito rs in f u ll d u rin g a p e rio d o f th re e
y e a rs . A d is b u rs e m e n t o f 2 5 % is to bo p a id in cash as soon
as p o ssible a n d th o re m a in in g 7 5 % is to bo d is trib u te d in th re e
e q u a l p a y m e n ts a t th e e n d o f each y e a r. Ju d g o C h a tfie ld
o f th o U . S . D is t r ic t C o u r t in B r o o k ly n , w h o h e a rd th e b a n k ­
r u p t c y p ro ce e d in g s, de cid e d t h a t A lo s e s G in s b e rg w a s s o lv e n t
w h ilo th o B r o w n s v illo b ra n c h w a s d e c la re d in s o lv e n t to th e
e x te n t o f $20,566. T h e d e p o s ito rs o f th o B ro w n s v ille b ra n c h
w e ro p a id a 1 0 % d iv id e n d b y S u p e rin te n d e n t R ic h a rd s la s t
D e c e m b e r. A n a d d itio n a l 1 5 % is to bo p a id w h e n th e refe re e
m a ke s r e p o rt, w h ic h is e xp e c te d w it h in t h i r t y d a y s . I t is
re p o rte d th a t th e h o ld in g c o m p a n y w ill b e g in b usiness in a
fe w m o n th s . T h e s to c k w ill bo h e ld b y S u p e rin te n d e n t
R ic h a rd s , A lo s e s G in s b e rg a n d a t h ir d m a n , to be selected b y
th o o th e r tw o . T h o n e w c o m p a n y w ill bo m a n a g e d b y a d i­
re c to ra te o f w h ic h A i r . G in s b e rg w ill bo m a n a g in g d ire c to r,
s e rv in g w it h o u t c o m p e n s a tio n . A t th e tim o o f th o clo sin g
o f th o B r o w n s v ille b ra n c h it w a s s ta te d t h a t its assets w e re
$750,000 a n d lia b ilitie s $1,250,000. T h e r e a ro a p p ro x i­
m a t e ly 9,000 d e p o sito rs o f tho b ra n c h
T h o N o w E n g la n d T r u s t C o . o f B o s to n , A la s s ., has p re ­
p a re d a p a m p h le t o n “ T h o M a n a g e m e n t o f T r u s t P r o p e r t y , ”
w h ic h i t w ill s u p p ly to in te re s te d in q u ire rs . T h o p a m p h le t
in fo rm s th o c o m p a n y ’s c lie n ts a n d frie n d s o f its fa c ilitie s fo r
a c tin g in fid u c ia ry ca p a citie s, a n d th o d e s ira b ility o f a p p o in t­
in g a c o rp o ra tio n r a t h e r th a n a n in d iv id u a l f o r d u t y o f th is
k in d . T h e p a m p h lo t c o n ta in s a s u m m a ry o f th o A la s s a c h u so tts la w s g o v o m in g th o doscont o f p r o p e rt y a n d th o in h o rita n co t a x la w s n o w in e ffe c t. T h o c o m p a n y w ill bo g la d to
c o n s u lt w it h a n y o ne c o n c e rn in g a n y p o in ts n o t c o v e re d ,a n d
a n s w e r a n y q u e stio n s w h ic h suggest th e m s e lve s .
T h o B a n k e rs A lo rtg a g o C o . is a b o u t to bo e sta b lish e d in
B o s to n to c o n d u c t a g e n e ra l m o rtg a g o b u sin oss. T h o n e w
c o m p a n y , w h ic h has a c a p ita liz a tio n o f $1,000,000, has been
o rg a n ize d b y W illia m I I . M in t o n o f B o s to n .
M r . M in t o n
is re p o rte d to h a v o b ro u g h t a b o u t th o o rg a n iz a tio n o f th o
n o w C o m m e rc ia l T r u s t C o . o f S p rin g fie ld , M a s s ., a n d th o
M a s s a c h u s e tts T r u s t C o . o f B o s to n , w h ic h opened o n F o b . 10
1914. H o is also u n d e rs to o d to h a v o b e e n in te re s te d in th e
C i t y T r u s t C o . o f W o rc e s te r, w h ic h w a s re c e n tly re fu se d p e r­
m is s io n to o rg a n izo b y th o B o a rd o f In c o rp o ra tio n o f B a n k s a t
th o tim o th o P a r k T r u s t C o . w a s fo rm e d , o n th o g ro u n d t h a t
th o fie ld w a s n o t b ig e n o u g h f o r tw o t ru s t co m p a n ie s.

E x - C o m p t ro lle r E d w a r d M . G r o u t , fo rm e r P re s id e n t o f
th o d o fu n c t U n io n B a n k o f B r o o k ly n B o ro u g h , w a s sontoncod
o n th o 2 7th in s t. b y C o u n t y Ju d g o L e w is , in B r o o k ly n to
s e rvo a te rm o f n o t less th a n ono y e a r n o r m o ro th a n tw o
y e a rs in S in g S in g . G r o u t w a s fo u n d g u ilt y b y a j u r y in th o
K in g s C o u n t y C o u r t o n th o 2 4 th o n a ch a rg o o f p e r ju r y in
s w o a rin g to a false re p o rt o f th o c o n d itio n o f th o U n io n B a n k .
T h o j u r y a d d e d to t h e ir v e r d ic t a re c o m m e n d a tio n f o r m o rc y .
A s ta y o f to n d a y s w a s g ra n te d b y th o C o u r t d u rin g w h ic h
tim o G r o u t ’s co u nse l w ill seek to o b ta in h is roleaso o n b a il
p e n d in g a n a p p e a l. T h o p ris o n e r w a s in d ic te d in D e c o m b o r
A rra n g e m e n ts a re b e in g co m p le te d in B o s to n fo r th e o rg a n ­
1913 b y th o G r a n d J u r y o n a ch a rg o o f h a v in g s w o rn to a iz a tio n o f a n e w t ru s t c o m p a n y w h ic h w ill ta k e o v e r th e
falso re p o rt o f th o b a n k ’s c o n d itio n ju s t p r io r to th o clo sin g b usiness o f th e M u t u a l N a tio n a l B a n k a n d th o F i r s t W a r d



346

THE CHRONICLE

N a tio n a l B a n k . T h e t r u s t c o m p a n y c h a rte r, w h ic h w a s
o b ta in e d b y th e la t te r in s titu t io n in D e c . 1913 u n d e r th e
n a m e o f th e F i r s t W a r d T r u s t C o . w il l be u se d f o r th e n o w
in s titu t io n , b u t a d iffe re n t n a m e w ill be a d o p te d . T h e
p ro p o s e d t ru s t c o m p a n y w ill h a v e a c a p ita l o f $300,000,
s u rp lu s o f $300,000 a n d d e p o sits o f a b o u t $3,000,000. S to c k ­
h o ld e rs o f each b a n k w ill be g iv e n o p p o rt u n ity to s u b sc rib e
fo r th e s to c k o f th e n e w c o m p a n y a t $200 p e r sh a re in p ro ­
p o rtio n to t h e ir p re s e n t h o ld in g s . O f th e p ro ceeds $100 w ill
go to c a p ita l a n d $100 to s u rp lu s . I t is e xp e c te d t h a t b o th
in s titu tio n s w ill liq u id a te a t a b o u t th e b o o k v a lu e o f th e ir
s to c k s , w h ic h is 11G in th e case o f th e M u t u a l a n d 175 in th e
case o f th e F i r s t W a r d .
T h e n e w in s titu t io n is to b e g in b usiness a b o u t S e p t. 1 a n d
in th e m e a n tim e b o th b a n k s w ill c o n tin u e t h e ir in d e p e n d e n t
e xiste n c e . T h e p re s e n t lo c a tio n o f th e M u t u a l N a tio n a l a t
40 S ta te S tre e t w ill be th e h e a d q u a rte rs o f th e n o w t ru s t c o m ­
p a n y a n d th e o ffice s o f th e F i r s t W a r d N a tio n a l in F a s t
B o s to n w ill bo o p e ra te d as a b ra n c h . I t is re p o rte d t h a t a ll
th e d ire c to rs o f b o th b a n k s w ill be ele cte d to th e t r u s t com*
p a n y d ire c to ra te . T h e o ffic e rs o f th e n o w in s titu t io n h a v e
n o t been f u lly d ecided u p o n b u t it is u n d e rs to o d th a t C h a n d ­
le r M . W o o d , P re s id e n t o f th e M u t u a l, w il l be th e h ea d o f
th e c o m b in e d in s titu t io n a n d t h a t W illia m H . S tic k n e y ,
C a s h ie r o f th e M u t u a l N a tio n a l, w ill bo ch o sen one o f th e
V ic e -P re s id e n ts a n d T r e a s u r e r . I t is also re p o rte d th a t
G e o rg e W . M o s e s , P re s id e n t o f th e F i r s t W a r d N a tio n a l,
w ill bo o ffe re d th e p o s itio n o f C h a irm a n o f th e b o a rd o f
d ire c to rs in th e c o m p a n y a n d th a t F r a n k F . C o o k , C a s h ie r
o f th e F i r s t W a r d B a n k , w ill p ro b a b ly be com e S e c ro ta ry
a n d A s s is ta n t T r e a s u r e r .
T h o M u t u a l N a tio n a l B a n k has a c a p ita l s to c k o f $500,000
a n d o n J u n e 23 h a d s u rp lu s a n d p ro fits o f $86,085 a n d
dep osits o f $1,716,347. T h e F i r s t W a r d B a n k has a c a p ita l
o f $200,000 a n d u n d e r th e la s t c a ll o f th o C o m p tro lle r sh o w e d
s u rp lu s a n d p ro fits of $157,005 a n d d e p o sits o f $1,102,050.

a m o u n t o f in te re s t th a n w a s a c t u a lly d u o . P re s id e n t O w e n
T . R o o vc s o f th e D r o v e r s ’ N a tio n a l is q u o to d in th o C h ic a g o
“ H e r a ld ” as s a y in g :
W o have known o f Paiensko’s trouble for a week. W e had him in tho
offico helping us straighten out affairs until a few days ago. H e was
unable to trace some o f the discrepancies and it m ay bo tw o or three weeks
beforo tho audit will bo com pleted. X first became aware things were not
right when I found a mysterious item o f $700. I had the books chocked
up and found several others wluch did not appear right, l ’alensko then was
called in and admitted lie had "sw elled” tho interest on country d e p o sits.
I think his bond o f $10,000 will cover tho m onoy ho obtained.

A n o rd e r d ire c tin g W illia m C . N ib la c k , re c e iv e r f o r th e de­
fu n c t L a S alle S tre e t T r u s t & S a v in g s B a n k o f C h ic a g o to
le v y a n assessm ent o f 1 0 0 % a g a in s t th o s to c k h o ld e rs o f th e
b a n k to m e e t its lia b ilitie s w a s issu ed b y J u d g o T h o m a s G .
W in d e s in th e C ir c u it C o u r t o f C h ic a g o o n th e 22d in s t.
I t is e s tim a te d b y th e C o u r t t h a t th e lia b ilitie s o f th e b a n k
e xceed th o assets b v a t le a st $1,000,000, w h ile M r . N ib la c k
places th e d e fic it a t $2,000,000. T h e re c e iv e r te s tifie d as
fo llo w s c o n c e rn in g th e p re s e n t c o n d itio n o f th o b a n k s f i ­
n a n ce s:
„ •

T h o p o r tr a y a l o n th e screen o f th o w o r k o f th o c o n s tru c tio n
o f th e T h i r d N a tio n a l B a n k B u ild in g o f S p rin g fio ld , M a s s .,
a to n s t o r y b a n k a n d o ffic e s tru c tu re n o w in co u rso o f erec­
tio n b y H o g g s o n B ro th e rs o f N o w Y o r k a n d C h ic a g o is th e
la te s t uso to w h ic h m o tio n p ic tu re s w ill bo p u t. E v o r y ste p
in th e p ro ce e d in g s w ill be s h o w n o n th e film .
N o t o n ly
w ill th o h is t o r y o f th o e re c tio n ba a llo w e d , fro m th o d e m o li­
tio n o f th o o ld b u ild in g a n d th o e x c a v a tio n s fo r th o n e w o ne ,
t h ro u g h th o c o n s tru c tio n to th o a c tu a l m o v in g in o f th o
b a n k ’s b u sin e ss, b u t th o v a rio u s m a te ria ls to be used in th e
c o n s tru c tio n w ill bo fo llo w e d fro m t h e ir re s p e c tive sources
u n t il t h e y a re in s ta lle d in p ro p e r placo in tho b u ild in g .
W . G r a n t H a llo w e d h as been a p p o in te d A s s is ta n t C a s h io r
o f th o S eco nd N a tio n a l B a n k o f P h ila d e lp h ia .
S a m u e l G ra h a m , J r . , has beon a p p o in te d A s s is ta n t C a s h ie r
o f th o T h i r d N a tio n a l B a n k o f P h ila d e lp h ia . M r . G ra h a m
o n to re d th e o m p lo y o f th o in s titu tio n in 1894 a n d w a s Sec­
r e t a r y to th o la to G e n o ra l L o u is W a g n o r, fo rm e r P ro s id o n t
o f th o b a n k . F o r th e p a st n in e ye a rs M r . G ra h a m h ad been
re c e iv in g to lle r o f th o b a n k .
G e o rg e D . M c C r e a r y , V ic e -P re s id e n t o f th e M a r k e t S t.
N a tio n a l B a n k o f P h ila d e lp h ia , d ie d o n th o 2 6th in s t. M r .
M c C r e a r y w a s C i t y T r e a s u r e r o f P h ila d e lp h ia fro m 1891 to
1895 a n d w a s elected to C o n g re s s fro m th o S ix th D is t r ic t
fo r fiv e te rm s .
J o h n D . R . L a m s o n , V ic o -P re s id o n t a n d a d ire c to r o f th o
C o m m e rc ia l S a v in g s B a n k & T r u s t C o . o f T o le d o , O h io , d io d
o n th o 22d in s t. M r . L a m s o n w a s V ic o -P ro s id o n t o f L a m s o n
B ro th e rs C o m p a n y .
M a x P a lo n s k o , A s s is ta n t C a s h ie r o f th e D r o v e r s ’ N a tio n a l
B a n k o f C h ic a g o , in w h o so a cco u n ts tlio ro is alleged to be a
s h o rta g o o f b e tw e o n $10,000 a n d $15,000, s u rre n d e re d h im ­
self o n the 2 0 th in s t. H o w as ta k e n to th o c o u n t y ja il a n d
h e ld u n d e r $10,000 b o n d s . A p r e lim in a r y h e a rin g in th e
case w a s h e ld o n th e 2 0 tli in s t. b e fo re U . S . C o m m is s io n e r
M a r k A . F o o te , th o te c h n ic a l ch a rg o a g a in s t P a le n sk o b o in g
m is a p p lic a tio n o f th o fu n d s o f a n a tio n a l b a n k . H o w a iv e d
e xa m in a tio n a n d w a s h e ld to th o F e d o ra l g ra n d j u r y u n d e r
$20,000 b o n d s . A fo rc e o f e xa m in e rs has been p u t to w o rk
o n th e re c o rd s o f th o b a n k to a s c e rta in th o o x to n t o f th o a l­
leged s h o rta g o . I t is said t h a t P a lo n s k o ’s m e th o d o f d e fa l­
c a tio n w a s to c re d it balances o f c o u n t ry b a n k s w it h a g re a te r



[Vol. 101.

Outside o f the building owned b y tho bank, I should say the collectible
assets have a face value o f $350,000. T hen there are doubtful items o f
about $440,000. I have brought suits against som e o f the holders or notes
o f this sort. I think the realization on them will amount to about one-third.
Then there aro assets amounting to about $1,250,000 which I have classed
as poor. In m ost o f the cases persons indebted to tho bank on prom issory
notes have no property.
. .

O n J u n e 5 J u d g e W in d e s issu ed a n o rd e r a u th o riz in g the
re c e iv e r to file a cla im in th e F e d e ra l C o u r t fo r a b o u t $263,000
a g a in s t C h a rle s B . M u n d a y , fo rm e r V ic e - P re s id e n t o f th e
fa ile d in s titu tio n , a n d h is son, J . G u y M u n d a y . T h e a m o u n t
o f th o cla im c o ve rs th e p a r v a lu e o f th o s to c k in th o L a S alle
S tre e t in s titu tio n o w n e d b y th e M u n d a y ’s in d iv id u a lly a n d
as c o -p a rtn e rs in th o f ir m o f C . B . M u n d a y & C o ., th e B a n k
o f S m it h b o r o ,I ll.,a n d th e P e o p lo ’s B a n k o f E a s t A lt o n , 111.
I t is re p o rte d t h a t C h a rle s B . M u n d a y , w h o is u n d e r a n in ­
d ic tm e n t o n a c h a rg o o f c o n s p ira c y in c o n n e c tio n w it h th e
fa ilu re o f th e b a n k , w ill n o t be place d o n t r ia l u n t il th o S ep­
te m b e r te rm o f th e C o u r t . 'A s h e re to fo re s ta te d , M u n d a y e n ­
te re d a plea o f n o t g u ilt y to tho ch a rg o o n M a r c h 27. H o o b ­
ta in e d a ch a n g e o f v e n u o w h ic h to o k h is case to G r u n d y
C o u n t y . T h e d e la y in th e M u n d a y t ria l w ill also cause th e
p o s tp o n e m e n t o f th e tria ls o f \\ illia m L o r im e r, fo rm e r P re s i­
d e n t o f th e L a S allo S tre e t B a n k , a n d o th e r o ffic ia ls o f th e
in s titu t io n , w h o a re also u n d e r in d ic tm e n ts in c o n n e c tio n
w it h th o b a n k ’s fa ilu re . A s p r e v io u s ly m e n tio n e d in these
c o lu m n s , th e L a S alle S tre e t T r u s t & S a v in g s B a n k closed in
J u n e 1914.
T h e G o rm a n -A m o ric a n B a n k a n d T r u s t C o m p a n y re c e n tly
re p o rte d in these ite m s as h a v in g opened in L o u is v ille , K y . ,
is lo ca te d a t N o w A lb a n y , In d .
C re d ito rs o f th o fa ile d F ir s t N a tio n a l B a n k o f S a lm o n ,
Id a h o , h a vo beon a w a rd e d a ju d g m e n t o f $14,700 a g a in s t
H o r n y G . K in g a n d N o rm a n I . A n d re w s , P re s id e n t a n d V ic o P re s id o n t re s p e c tiv e ly o f th o d o fu n c t in s titu t io n , b y Ju d g o
D ie t ric h in th o F e d o ra l D is t r ic t C o u r t a t B o is e . T h o b a n k
w o n t in to th o h a n d s o f a re c e iv e r in A u g u s t 1911 a n d th e
C o m p tro lle r lo vie d a n assessm ent o f 1 00 % o n th o s to c k ,
o n ly a p a rt o f w h ic h pi'ovod to bo co llo ctib lo . I h o ro c o ivo r,
F r a n k A . M c C o rm ic k , b ro u g h t s u it a g a in s t K in g , A n d re w s ,
G c o rg o B u c k , G u y E . B o w o rm a n , I ro d G . Ila v o m a n n a n d
J o h n L o t tr id g e , d ire c to rs o f th o b a n k , c h a rg in g th o rn w it h
m is m a n a g e m e n t o f its a ffa irs . F i v e ch a rg e s w o re m a d e in
th o c o m p la in t a n d th o p o in t o n w h ic h J u d g o D ie t ric h fin d s
th o tw o o ffic e rs o f th o b a n k assessable fo r dam agos (th o o th e rs
n a m e d in th o p ro ce e d in g s w o re o xo n o ra te d ) is th e ir fa ilu re
to o b s o rvo th o B a n k in g A c t p ro v is io n w h ic h p ro h ib its a n y
b o rro w e r fro m s e c u rin g m o re th a n o n o -to n th o f th e c a p ita l
s to c k a n d s u rp lu s o f a b a n k . Ju d g o D ie t r ic h g a v o th e re ­
c e iv e r ju d g m e n t a g a in s t tho P ro s id o n t a n d V ic o -P re s id o n t
o f th o b a n k , as th o a c tivo .m e m b e rs o f th o b o a rd o f d ire c to rs ,
in th o s u m o f $14,700, w h ic h w a s th o a m o u n t o f lo a ns a b o ve
th o s t a t u t o r y lim ita tio n .
R e g a rd in g one o f th o ch a rg e s,
th a t o v e rd ra fts a m o u n tin g to a to ta l o f $3,900 w e re a llo w e d
a n d a ro u n c o lle c tib lo , th o Id a h o “ S ta te s m a n sa ys:

In the matter of tho overdrafts, whllo tho Court takes cognizance of
tho portion of tho by-laws which jjrohibits tho making of overdrafts, h
accepts tho explanation of tho President that this provision was a dead
letter and was in the by-laws only becauso they were copiod from those of
another institution. IIo says tho prohibition of overdrafts is not practica­
ble in banking procedure. Furthermore, there was no protest from any
of tho stockholders, becauso of this method of doing business, though it was
known to them through tho publication of tho periodical reports of tho in­
stitution.
T h o c o n s o lid a tio n o f th o C i t y S ta to B a n k o f O k la h o m a C i t y
w it h th o S ta to N a tio n a lJB a n k jjo fJth a t’ c i t y w a s co n su m m a te d

July 31 1915.]

THE CHRONICLE

o n th e 17th in s t., a n d th o e n la rg e d in s titu t io n o p e n e d fo r
b usiness o n th o 19th in s t. W . D . C a ld w e ll, P ro s id o n t o f th o
C i t y S ta te B a n k , becom es a V ic o -P ro s id e n t a n d d ire c to r o f
th o S ta te N a tio n a l; R . S . L itc h fie ld a n d E . W . S in c la ir
w ill also bo id e n tifie d w it h th o la t te r in s titu tio n as d ire c to rs .
M r . L itc h fie ld is P re s id e n t o f th o F i r s t N a tio n a l B a n k o f
In d o p o n d e n co , K a n s a s , a n d M r . S in c la ir is a V ic e -P re s id e n t
o f th o E x c lia n g o N a tio n a l B a n k o f T u ls a , O k la . R o b e r t L .
S m ith , w h o has boon a te lle r in th o C i t y S ta to B a n k , w ill
bo A s s is ta n t C a s h io r o f th o S ta to N a tio n a l. T h o C i t y S ta to
h a d a c a p ita l s to c k o f $50,000 a n d o n J u n o 23 h a d do p o sits
o f $461,499. T h o S ta to N a tio n a l p r io r to th o c o n s o lid a tio n
h a d a c a p ita l s to c k o f $250,000, s u rp lu s a n d p ro fits o f a b o u t
$4,000 a n d do p o sits closo to $500,000.
G e o rg e W illia m N o t t , C h a irm a n o f th o b o a rd o f d ire c to rs
o f th o C itiz o n s ’ B a n k & T r u s t C o . o f N o w O rle a n s , d ie d o n
th o 14th in s t.
t H u b e r t F . T h o m a s has been n a m e d as re c e iv e r o f th o fa ile d
U n io n N a tio n a l B a n k o f M o n ro e , L a . , w h ic h , as p r e v io u s ly
a n n o u n c e d , closed its d o o rs o n J u n o 9.

347

in certain districts o f India. A t so early a period, there is no need for seri­
ous apprehension, but as the m onsoon was rather late in arrival, a certain
am ount o f nervousness might arise. China has been m ore inclined to sell
than to b u y , and the weight o f absorbing silver has fallen m ainly upon C on­
tinental and other buyers apart from tho East. T he quotation o f the 13th
inst., namely 221£d. (the same as that o f Feb. 3 la st), is the lowest touched
this year, and is only 13-16d. above tho lowest ever recorded. An Indian
currency return for July 7 gave details in lacs o f rupees as follows:
N otes in circulation.......................
67,06
Reserve in silver coin __________________________37,63
G old coin and bullion_________________________ 7*78
G old in E ngland____ ______
7 ’gg
I'he stock in B om bay consists o f 5,900 bars, as com pared with 6,300 last
week. T he total Canadian production in 1914 was 27.544,231 ozs., valued
at 515,097,269, as against 31,845,803 ozs., valued at 519,040,924, in 1913,
a decrease o f 4,301,572 ozs., or 13.5% in quantity, and o f 53,943,655, or
20.7% in total value. O f the total production, 24,215,926 ozs., or 8 8 % , is
croditod to Ontario, showing a falling o ff for the p rovince o f about 1 4.1 % .
Tho production in British Colum bia, representing refined silver aad silver
contained in smelter products, and estimated recoveries from ores exjjorted,
was in 1914 about 3,212,111 ozs., as com pared with 3,312.343 ozs. in 1913.
A shipment o f 500,000 ozs. has been made from San Francisco to H ongkong.
Quotations for bar silver per ounce standard:
July 9— 22
cash
No
Bank rate__________________
5%
10— 22
quotation Bar gold per oz. standard___77s. 9d.
12— 225-6
fixed
French gold coin, per o z ____Nominal
for
U. S. A. gold coin, per o z ..N o m in a l
14—
22 9-16 forward
15—
22 9-16 delivery.
A v . for week 22.604 cash.
.
T he quotation to-day for cash is the same as that fixed a week ago

%
H
Vi—22'A

©ommcrctalaiuTIHisccUaucousTlews

T h e F o r t W o r t h S a v in g s B a n k & T r u s t C o . o f F o r t W o r t h ,
T e x a s , closed its d o o rs o n th e 23d in s t. a n d w a s p la c e d in tho
G O VER N M EN T REVENUES~ ^^
h a n d s o f W . B . P a d d o c k as re c e iv e r. A p p lic a tio n f o r tho
ro u g h th e c o u rto s y o f tko S o c re ta ry o f tlie T r e a s u r v , w o
a p p o in tm e n t o f a re c e iv e r w a s m a d e to tho F o r t y - E i g h t h a ro.Th
o na b led to placo b e fo re o u r re a d e rs to - d a y th o d o ta ils
D is t r ic t C o u r t b y H o ra c e W ils o n , a d e p o s ito r, w h o alleged ot G o v e rn m e n t ro c o ip ts a n d d is b u rs e m e n ts fo r J u n e 1915 a n d
th a t th o p a y m e n t o f h is d e p o s it o f $2,047.97 h a d been 1914 a n d f o r th o fis ca l y e a rs 1914-15 a n d 1913-14.
re fu s e d to h im . A n a n s w e r to th e p e titio n w a s file d b y Revenues*^915- June 1914. 12 Mas. ’14-15. 12 JIos. ’13-14.
E . E . B a ld rid g o , P re s id e n t o f th o in s titu t io n , in w h ic h th o
Customs
...................
17,991,744
02 23,553,447 58 209,20S,1S07 43 292,128*527
Internal Revenue—
’ 03
”
a lle g a tio n s m ad o b y W ils o n w e re a d m itte d . T h o b a n k h a d
£ r(llnary ....................37,300,235 03 27,993,019 73 335,828,377 21 308 013 843 73
Corp n&income tax 03,107,052 01 00,828,934 82 79,828,075 27 71 38o’l5fi 10
a c a p ita l s to c k o f $210,000 a n d , it is re p o rte d , h a d do p o sits
Miscellaneous............. 7,087,504 02 12,005,304 45 70,738,030 51 62'215’l72 71
o f a b o u t $400,000, th o m a jo r it y b e in g s m a ll a c c o u n ts . I t is
o'— i------------125,547,195 08124.3S0.700 58 695,603,190 42 734,343,700 20
s ta te d th a t tho c i t y o f F o r t W o r t h h a d a c re d it b a la n co w it h
Postal Savings........... ................... 872,240 00
933,540 00 3,118,940 00
th o b a n k o f $283,186 w h ic h b e lo n g e d to th e s in k in g fu n d . Grand total ot receipts 125,547,195 08125.253,000 58 090,596,730 42 737,402,040 20
O n th e o th e r h a n d th o c i t y h a d o v e rd ra fts o n tho b a n k fo r
Disbursements—
$119,562, re p re s e n tin g m o n e y a d va n c e d fo r c u rre n t expen ses. Ordinary:
Legislative estab’m’t. 882,176 59 973,883 45 13,5SG,220 81 13,450,543 38
T h e c i t y d e p o s it is said to bo p ro te c te d b y a b o n d w h ic h has
Executive office......... 81.412 55
51,607 20 3,009,663 15
004,964 79"
Stato Department... 301,377 72 378,210
68 4,911,718 05 5,222,924 01
been tu rn e d o v e r to th o C i t y A t t o r n e y . A s h e re to fo re sta te d
Treasury Dept.—
Exct. Public Bldgs.. 3,674,214 27 4,004,070 10 51,478,350 43 44,092,784 31
in theso c o lu m n s th o F o r t W o r t h S a v in g s B a n k & T r u s t C o .
Public Buildings___ 1,2S9,5S9 38 1,355,622 79 19,735,844 09 15,545,484 49
w a s fo r m e rly tho W a g g o n e r B a n k & T r u s t C o ., th o narno o f
War Department—
Military..................... 6,368,025 17 8,702,909 86 127,106 658 52 123,897,220 56
th e in s titu t io n h a v in g been c h a n g e d . T h o in s titu t io n , it
Civilian__________ 181,703 33 175,345 21 2,215.535 19 2,236,786 48
Rivers and Harbors. 4,929,271 21 3,223,522
20 40,875,979 84 49,990,922 08
is s ta te d , o p e ra te d u n d e r a c h a rte r issu ed u n d e r th o la w o f Dept,
of Justice......... 314,942 49 558,708 05
10,407,924 10 10,463,717 91
Post Office Dept.—
1875, a n d its d e p o sits w e re n o t p ro te c te d b y th e S ta to b a n k
Excl.
Postal
Service.
143,224
15
142,444
41
1,889,481 S2
70
g u a ra n te e fu n d .
Postal Deficiencies.. 3,300,000 00
6,036,592 60 1,942,123
686 34
Department—
P ro s id o n t B a ld rid g o c o m m itte d s u icid e o n th o d a y fo llo w ­ Navy
Naval.........................10,836,604 67 11,265,212 12 141,959,853 47 139,893,614 48
Civilian__________
70,933 82
in g th o fa ilu re o f th o F o r t W o r t h S a v in g s B a n k & T r u s t C o .
71,120 62
885,920 15
860,914 10
Interior Dept.—
A n in q u o s t w a s h o ld b y Ju s tie o E m m o t M o o ro a n d a v e r d ic t
Excl. Pensions and
Indians_________ 2,681,852 89 1,777,560 15 29,509,370 74 23,290,231 99
ro n d o ro d t h a t d o a th w a s duo to a p is to l s h o t w o u n d w h ic h
Pensions.................... 14,199,892 22 14,341,608
164,388,958 88 173,092,004 58
Indians..................... 1,875,204 00 1,810,291 03
20 22,149,010 15 20,248,739 63
h a d been s o lf-in flic tc d .
T h o fin a l re p o rt o n th e d e fu n c t B a n k o f S h a sta C o u n t y
a t R e d d in g C a l., w h ic h closed its d o o rs o n M a r c h 25 1911
w a s file d o n tho 22d in s t. b y S ta te S u p e rin te n d e n t o f B a n k s
W illia m s . T h o s ta te m e n t sh o w s a b a la n co on h a n d o f
$21,324 w h ic h w ill p ro v id o f o r th o p a y m e n t o f a d iv id o n d
to d e p o s ito rs o f a b o u t 2 ^ % in a d d itio n to tho 8 7 % w h ic h
t h e y h a v e a lre a d y re c e ive d . T h o dep osits o f th o in s titu tio n
a t th o tim e o f its fa ilu re w e re said to h a v o a m o u n te d to
$710,000. T h o b a n k h a d a c a p ita l s to c k o f $100,000.

THE ENGLISH GOLD AND SILVER MARKETS.
W o r o p rin t th o fo llo w in g fro m th o w e e k ly c irc u la r o f
S a m u e l M o n ta g u & C o . o f L o n d o n , w r it t e n u n d e r da to o f
J u l y 15 1915:
GOLD.
T ho m ovem ents on balanco havo been somewhat against tho Bank o f
England, but there was no Transvaal output credited during tho week.
Receipts were announced as follows:
July 12— £125,000 in sovereigns released on miscellaneous account.
13— 25,000 in sovereigns released on miscellaneous account.
14— 124,000 in bar gold.
W ithdrawals wero m ado as under:
July 8 — £08,000 in bar gold.
9— 247,000 in foreign gold coin.
9— 202,000 in bar gold.
During tho week tho not reduction amounted to £243,000. On tho 8 th
inst. M . ltib ot announced that the export o f gold from Franco had heon
prohibited until furthor notico. Tho output o f tho Transvaal for Juno 1915
was £3,208,224, as com pared with £3,049,558 in Juno 1914 and £3,243,347
in M a y 1915.
S IL V E R .
The tono has been without anim ation, and wore it nor for tho scantiness
o f supplies, it would havo been difficult to maintain prices. Tho a bsti­
nence o f tho Indian Bazaars has been again a noticeablo featuro. Tho mar­
ket is so small that a littlo revival o f demand from that quarter would enuso
an immediate rally in prices. In addition to tho possiblo reasons put for­
ward last week for their lack o f interest, m ay bo added a deficiency o f rain




Dept, of Agriculture. 1,740,484 SS 1,002,592 97 29,132,926 64 22,111,084 80
Dept, of Commerce.. 945,299 25
28 11,513,809 24 11,100,308 79
Dept, of Labor........... 279,452 99 759,302
151,663 19 3,788,763 10 3,495,355 87
Independent Offices &
Commissions.
492,727 71 328,912 40 5,739,832 21 3,259,258 22
District of Columbia. 790,074 47 705,003 99 13,229,348 05 12,990,141 78
Int. on the Public Debt 463,534 03 444,241
18 22,902,890 34 22,863,956 70
Total pay warrants
drawn..................... 55,844,497 79 52,943,874 17 733,234,730 17 701,325,829 59
Public debt:
Bonds, notes and cer­
tificates retired.........
3,420 00
58,160 00
47,533 00
109,127 00
Panama Canal:
Pay warrants Issued- 3,005,599 29 1,115,290 10 29,187,042 22 34,826,941 76
Total Public Debt
and Panama Canal
disbursements----- 3,009,019 29 1,173,450 10 29,234,575 22 34,936,068 76
Gr’d total of disburs’ts.58,517,536 51 53,508,517 14 760,762,147 20 735,495,316 89
Net excess of all rects.. 67,029,658 57 71,684,489 44 ...................
1,967 323 31
Net excess of all dlsb’ts ............................................. 04,165,410 78 ____ ’_____

S T O C K O F M O N E Y I N T H E C O U N T R Y . — T h o fo llo w ­
in g ta b lo sh o w s th o g o n o ra l s to c k o f m o n e y in th e c o u n t ry ,
as w e ll as th o h o ld in g s b y th o T r e a s u r y a n d th o a m o u n t m
c irc u la tio n o n th o da tes g iv e n :

-Stock
of Moneyallcld
Julyin1 Treas.
15------- Money in Circulation----InU.S.
JulyS 1 1915. July 13 1914.
Circulating Medium.
8
8
Gold coin and bullion...........1,993,549,015 206,526,508 600,777,874 614 321 674
Gold certificates.!)............................. .......... 34,795,510 1,076,637,759 1,035 454’129
Standard silver dollars____ 568,272,478 7,910,351 64,649,127 70 314 176
Silver certificates.b................................... 10,745,012 4S2,713,9S8 479'462’376
Subsidiary silver................. 185,331,865 26,397,048 158,934,817 ~160,263,675
'
Treasury notes of 1890-b.. _________
S,'290
2,245,710
2,427,058
United States notes.............. 346,6.81,01G 14,645,022 332,035,994 338,839,643
Federal Reservo notes_____ 84.3C0.500 3,758,790 80,501,710
Fed. Reservo Bank notes..
. ______ _________ _________
National bank notes............ 819,273,594 32,629,947 786,643,647 718,085,637
Total................................3,997,368.468 337,416,478 3,585,140,626 3,419,168,368
Population of continental United States estimated at 100,725,000. Circulation
per capita, S35 59.
a This statement of money held In the Treasury as assets of the Government dbes
not lncludo doposits of public money In National Bank Depositaries to the credit
of tho Treasurer of the United States, amounting to SS8,274,715 90.
b For redemption of outstanding certificates and Treasury Notes of 1890 an
exact equivalent In amount of the appropriate kinds of money Is held In the Treasury,
and Is not Included In the account of money held as assets of the Government.
Mote.—On July 1 1915 Federal Reserve banks and Federal Reserve agents held
against Federal Reserve notes 312.445,564 gold coin and bullion and 362.365,800
gold certificates—a total of 374,811,364, against 359,188,614 on June I

348

[Vol. 101.

THE CHRONICLE

B A N K N O T E S — C H A N G E S IN T O T A L S O F , A N D IN
D E P O S I T E D B O N D S , & o — W e g iv e b e lo w ta b le s w h ic h
s h o w a ll th e m o n t h ly ch a nges in b a n k n o te s a n d in b o n d s
a n d le g a l te n d e rs o n d e p o sit.

Circulation Afloat Under—
Bonds and Legal Tenders
on Deposit for—
1914-15.
Legal
Legal
Total.
Tenders.
Bonds.
Tenders.
Bonds.
S
$
$
$
S
1726,032,702 93,210,891 819,273,593
93,240,891 *728,186,909
June 30 1915.. 736,743,751
840,287,947
112,101,038
112,101,038
May 31 1915-. 738,006,230
11728,776.389 139,016,678 807,793,067
Apr.30 1915.. 742,687,871 139.016,678
17734,138,833 105,409,147 899,547,980
165,409,147 /747,951,802
Mar. 31 1915.. 751,289,635
938,030,441
190,078.639 C790.482.018 190,078,639
F’eb. 27 1915.. 770,139,524
191,724,115 982,206,133
191,724,115
Jan. 30 1915.. 810,508.055
1,039,711,021
168,541,016
<2871,109,405
108,541,616
897,146,922
Dec. 31 1914..
101,420,019 1,111,999,070
101,420,019 cl010.579.057
Nov. 30 1914.. 1.017,177,241
1,121,468,911
20,632,278 61100,830,633 20,632,278
OCt. 31 1914.. 1,109,989,005
15.766,893 1,077,884,776
al002,'17,883
15,760,893
Sept.30 1914.. 1,089,281,290
877,540,281
15,447,138 ♦ 862,093,143 15,447,138
Aug. 31 1914.. 870,289,600
750,907.021
15,G84,220 735.222,801 15,084,220
July 31 ID14— 740,220.000
750,071,899
15,142,939
735,528,960
J line 30 1914.. 740.796.910 15,142,939
* Of which $126,241,700 miscellaneous securities. Act of May 30 1903.
a Of which $325,007,900 miscellaneous securities. Act of May 30 1908.
b Of which S301,119.940miscellaneous securities, Act of May 30 lOOS.
c Of which $270,078,236miscellaneous securities. Act of May 30 1908.
d Of which $150,836,092miscellaneous securities, Act of May 30 1908.
e Of which $67,307,165miscellaneous securities, Act of May 30 1908.
/ Of which S31.133.734 miscellaneous securities, Act of May 30 1908.
Of which $15,154,695 miscellaneous securities, Act of May 30 1908.
fi Of which 36,582,581 miscellaneous securities, Act of May 30 1J08.
(ci Of
Of which
which S2.508.940
miscellaneoussecurities,
securities.Act
ActofofMay
May:J9
1J08$719,561 miscellaneous
30 1JOS.

10 756— T ho First N ational Bank o f East Point, G a. Capital, $50,000.
'
A . M . Stewart, Pres.; no cashier.
C H A N G E OF T I T L E .
i 080— T he M erchants Exchange N ational Bank o f the C ity o f N ow V ork,
'
N . Y ., to tho “ A tlantic N ational Bank o f tho C ity o f N ow Y ork . ,

Auction

S a le s .— A m o n g o th o r s e c u ritie s, th o fo llo w in g ,
w o ro re c e n tly sold
a t a u c tio n in N o w Y o r k , B o s to n a n d P h ila d e lp h ia .
B y M e s s rs . A d r ia n I I . M u llo r & S on s, N o w Y o r k :
not usually dealt in at the Stock Exchange ,

Shares. Stocks.
Perecnt.
50 Safety Car Iltg. & Ltg. Co----- 105M
20 Int. Post. Sup. Co., N. Y..S200 lot
20 N. Y. Wcstbury Co-------...S 5 o
300 Nor. Pac. UR. unassented J. I .
M. & Co. certlfs-------$2K per sh.
5 Columbia Trust Co................... ‘170

Bonds.
Per cent35,000 New Orleans City lmpt. 4s,
1942.....................- ...............................93
S3,000 Cicero Gas Co. gen. & ref.
5s, 1932......................................... 95
$5,000 Western Casualty & Guar.
Co. 5s, 1921....................................60

B y M o s s rs . F ra n c is H e n s h a w & C o ., B o s to n

Shares. Slocks.
s
10 National Shawmut Bank-------- 1J8
5 Arlington Mills----------- - - ------- 78
10 Cent. Wharf & W. D. C orp..-.185
Bonds.
Per cent‘
31.000 City of Cambridge 3i2S,
1930, tax-exempt..................... .. Jo/<j
51.000 City of Cambridge 3Ks,
1931, tax-exempt..........................- °4K

Bonds.
Per cent.
$l,000Town of Concord, 3Ks, 1929
—W. L., tax-exempt___________95K
55.000 City of Boston 4s, 1928, taxexempt ______________________ 100K
51.000 City of Worcester 3Ms, 1922
tax-exempt----------- -----------------97 K
$1,000 City of New Bedford 4s,
1919, tax-exempt..------------------100K

B y M o s s rs . R . L . D a y & C o ., B o s to n :

Shares. Stock.
S versh.
2 Old Colony Trust C o.................. 2o6
10 Mass. Cotton Mills, ex-dlv.........110
1 Berkshire Cotton Mfg. Co.........190

Shares. Stock.
Spersh.
25 Pacific Mills, cx-dlv----------------118
5 Merrimack Mfg. Co., common. 24
1 Plymouth Cordage Co----------- 187

B y M o s s rs . B a rn o s & L o fla n d , P h ila d e lp h ia :

$persh.
Shares. Stock.
S per sh.‘ Shares. Stocks.
Trust Co., S50 cach..35-35K
Ire Assoc.'
Assoc .of Phil., 350 each 315-315 K 254 Mutual
T h e fo llo w in g s h o w s th o a m o u n t o f e ach class o f b o n d s 26 Fire
Pennsylvania Fire Insur. Co— 392
__jumbermens
Insur.,
$25
each..
96
Nat. F. I. Co., $25 each. 14
h e ld a g a in s t n a tio n a l b a n k c irc u la tio n a n d to socuro p u b lic | 5K Young-Smyth-Field,
V r tiin o _ S m i
pref..............90 5 PeoplesPassenger
Ry-------- 170-170K
1 Philadelphia Trust C o ...............714 20 Union
m o n e y s in n a tio n a l b a n k d e p o s ita rie s o n J u n o oU.
B. Stetson Co., common----- 345
31 West Laurel Hill Cem. C o.--.-160 509 J.
Unit. G. & El. Corp. 1st pf..55K-56
14
Corn
Exchange
National
Bank.300
U. S. Bonds Held June 30 to Secure—
9 Manufacturers National Bank.. 125
Per cent.
25 Quaker City National Bank----- 112 Bonds.
Bonds on Deposit
Philadelphia City 3Ms, 1931. 94
Public Deposit Total
Bank
10 Falrmount Savings Trust Co— 10U 37.000
June 30 1915.
Held.
Circulation. in Banks.
4 Integrity T. I. T. «&S. D. C o..215 55.000 Philadelphia City 3Ms,1932. 94
S
DIVIDENDS.
601,707,850 12.033.200 613,741,050
2%, U. S. Consols of 1930---------4,703,900 25,207,220
20,443,320
3%, U. S. loan of 1S08-18---------T h o fo llo w in g sh o w s a ll th e d ivid o n d s a n n o u n c e d f o r th e
35,884,800
3,550,700
32,334,100
4%, U. S. loan of 1925...................
1,227,500 oo’ann’stn fu tu ro b y la rg o o r im p o rta n t c o rp o ra tio n s .
52,759,040
2%, U. S. Panama of 1936---------521.000 29,300,880
28,779,880
2%, U. S. Panama of 1938---------Dividends announced this week are printed in italics.
13,250,900 13,250,900
3%, U. S. Panama of 1961.............
592.000
592.000
3.65%, District of Columbia.........
Books Closed.
Per When
4.726.000
4.726.000
4%, Philippine loans-----------------Days Inclusive.
Cent. / ayable.
700.000
700.000
Name of Company.
4 %, Philippine Railway.................
10,000
10,000
4%, Manila Railroad.....................
1.459.000
1.459.000
Railroads (Steam).
4%, Porto Rico loans.....................
ug. 27 lie
1.448.000 A la b a m a Great
1.448.000
Southern, preferred . . . . 3
Various. Territory of Hawaii.........
ept. 1 Ho
11.301.200 11,301,200 Atch. Top. & S. Fe, com. (gu.) (No. 41). 1M Stug.
Various, State, city, railroad, &c.
2H ept. 21 Ho
Atchison
Topeka
Santa
he,
preferred..
736,024,190 55,589,400 791,013,590
& Ohio, common------------------ 2M 8-ept. 1 He
Total............. - ................................in
719,561 Baltimore
719,561
Preferred___ ______________________ 22 Silug.
Mlscell.securities
(approved Issue value).
He
Buffalo
Rochester
& Pittsburgh, common— 3 lug. 10
10
He
792,333,151
55,589,400
730,743,751
Preferred------Total bonds and other securities.
1K lug. 2 lit
Canada Southern.
2 lug. 2 He
Central RR. of N. J. (guar.)
Sept. 26
Jept. 1 Ai
2
T h e fo llo w in g sh o w s th o a m o u n t o f n a tio n a l b a n k n o te s ^Mcago Milwaukee & si. Paul, com
Sept. 26
3 Jcpt. 1 Ai
a flo a t a n d th e a m o u n t o f le g a l-te n d e r dep osits J u n e 1 a n d | preferred
Aug. 2a
3K lug. 20 H
3ept.
1
II
IK
J u l y 1 a n d t h e ir in cre a se o r decrease d u rin g th o m o n th o f Cleve. & Plltsb., reg. guar. (guar.)..
1 3cpt. 1 H
Special,
guar.
(quar.)
...................
3 lug 2 11
Ju n e :
,„
Cuba Railroad, preferred.................
National Bank Notes—Total Afloat—
IK lug. 2 H
Great Northern (guar.)---------------1 II
2M Sept.
Amount
afloat
June
1
1915
.....................................................................S82
l’oi4
354
Illinois
Central
(No.
121).................
Net amount retired during June..................................................................... 2l,ui4,J54 Louisville A Nashville----------------2K Aug. 10 II
Aug. 2 II
$5
Coal
R
R
Amount of bank notes afloat July 1 1915------------------------------------ $819,273,593 Mahoning
to Aug.
2 K Allg. 3 Jt
Nashville Chattanooga & St. l o u is .
IK Allg. 2 II
Central RR. (guar.). . . .
A mount on*deposit to redeem national bank notes June 1 1915.............$112,101,038 Ncw York
IK Sept. 18 II
& Western, com. (guar.)..
Net amount of bank notes retired In Juno.................................................... 18,800,147 Norfolk
1
Aug. 19 II
Adjustment preferred (auar.)----to Aug.
3K Aug. 2 Ji
Carolina UR.............................
Amount on deposit to redeem national bank notes July 1 1915-------- $93,240,891 North
IK Aug. 2 II
Northern Pacific (quar.)..----------IK Aug. 31 II
Pennsylvania RR. (guar.)----------4 Aug. 10 II
Canadian Bank Clearings.— T h e cle a rin g s fo r th e w e e k Peoriam& Bureau Valley--------------.........
1 Aug. 10 11
$2.50 Aug. 2 11
o n d in g J u l y 24 a t C a n a d ia n c itie s , in c o m p a riso n w it h th o Pittsburgh** Lake Erie.
2 Aug. 12 II
1 Sept. 9 11
1 to Aug. 9
Utica Clinton & B in g h a m ton ............. . 2 Aug. 10 A
2 3 .1 % .
Street and Electric Railway*.
.
IK Aug. 14 11
American Railways, pref.
1I
Week ending July 24.
Aurora
Chic.com.
RR ->W®f(du )) IKK Aug.
Aug. 2 1
Bangor Elgin
Ry. &&Elec.,
(guar.) (Nc
Clearings at—
Aug. 2 I
. 3 Allg.
Inc. or
Bay
Stato
Street
ItyUral
brct-------1913.
Boston Elevated Ry. Q u a r .)-.--------- -. IKK Sept. 101 II
Dec.
1914.
1915.
Brazilian Trac., L. & Pow. (guar.)----- . 2 Aug. 2 I
Bristol & Plalnvllle Tramway. ------ . 4 Sept. 1 I
S
S
%
S
Canada—
54,889,578 57,492,938 UfUCUUU R U ittv u y o i ' v ■ ------ '
47,070,717 64,127,080 —25.7 37,652,055
Montreal---------------July 28 I
44,500,000 Citizens Traction, Oil City, Pa ■ , pref. - .). 75c.
12.5
37,000,000 42,276,238 —
Toronto-----------------IK Aug. 2 I
25,880,407
10,015,941 24,215,820 —31.4 20,177,141
Winnipeg--------------Aug. 2 J 17 to Aug. 3
.)
1
11,925,185
Pow6,027,664 9,239,103 —39.1 10,942,372
Vancouver________
17 to Aug. 3
.
IK Aug. 2 J
3,837,400 5,457,291 Commonw’th
Preferred (quar.).
4,230,566 4,134,174 + 2.3 4,365.360
Ottawa____________
Aug. 14 A
1 to Aug. 15
.)
1
6,189,197
—41.8
4,758,025
2,769,082
Calgary-----------------Aug.
2
1
.)
IK
3,629,582
—3.1 3,206,595 3,818,651
3,408,065 3,517,350 —48.0
Quebec----------------.
IK Sept. 1 1
Detroit
United
lty.
(guar.).
1,317,955 2,563,992 — 43.2 3,353,048
Victoria___________
.
IK Aug. 2 1
4,214,583 3,532,588
1,899,922 3,341,349
Edmonton________
i)
K Aug. 2 1
3,635,723
2.802,907 2,877,980 —0.9 3,212,254
Hamilton-------------J)
IK Aug. 2 1
1,883,647
1,902,925
—2.1
1,948,988
1,907,663
U
ia
liU
lviipiu>i
q
.
Halifax.......................
Aug. 10 1
K
1,816,388
1,708,323
Illinois
Traction,
common
(guard
—8.8
1,714,227
1,563,202
St. John---------------1) 75c. Aug. 2 1
1,584,920 1,457,263
1,082,043 1,733,000 —3.0 2,039,135
London___________
Aug.
21
.)
IK
1,866,088
—28.4
1,571,070
1,125,135
Regina.............- .........
1,903,009
IK July 31 1
727,522 1,170,168 —37.9 1,635,285
Saskatoon_________
to Aug. 2
1. 2K Aug. 2 .
986,376 1,615,038
570,238 921,866 —38.1
Moose Jaw-----------( rec. July 14
528,550 Montreal Tramways (gu ar.)....
2K Aug. 2 1
447,223 —4.3 594,502
428,666
Brandon--------------to
Aug. 1
.
.
2
July
31
702,895
655,468
—13.C
New
Hampshire
Elec.
R
yspref.
370,698
322,452
Lethbridge------------ .
614,420 541,470 Ohlo Traction, pref. (guar. ) . . . . . .
-IK
019,686 —20.S
490,512
Brantford_________ .
Aug.
2
651,846
5)
IK
835,469
—42.2
971,290
561,545
F'ort William........... .
-- 2K Sept. 1
377,205 —23.9 405,087
287,312
New Westminster.. .
5) $1.51 Aug. 2
619,018
185,975 412,64( —55.(
Medicine Hat-------- .
2) 3 Aug. 2
—9.3
365,840
331,75(
Peterborough-------.. 3 Aug. 2
-- 2M Aug. 16
. 133,576,847 173,675,030 —23.1 165,493,186 177,436.756
Total Canada.
.. 2 Aug. 2
4 to Aug. 2
preferred (quar.). - - IK
National Banks.— T h o fo llo w in g in fo rm a tio n re g a rd in g West Penn Rys., Banks.
8 to Aug. 1
Aug.
2
.
.
3
n a tio n a l b a n k s is fro m th o o ffice o f th o C o m p tro lle r o f th o I Bowm^guar.)
. 8 to Aug. 1
. . 1 Aug. 2 Holders
of rec. July 31
2
. . 4 Aug.
Corn Exchange (guar.).............
C u rre n c y , T re a s u ry D e p a rtm e n t:
Aug. 2 Holders of rec. July 27
. . 3 Aug.
German-Amerlcan........... ..........
of rec. July 29a
A P P L IC A T IO N TO C O N V E R T A P P R O V E D JU L Y 12.
-. 2K Aug. 21 Holders
Lincoln National (quar.)...........
July 14 to Aug 1
..
2
T h o Valley Bank o f R ipley, AV. V a., Into “ Tho First N ational Bank o f Pacific (guar.)--------------------July
27
to July 31
Aug.
1
.
.
3
Twenty-Third Ward. - - - - - - - - R ip ley .” Capital, $35,000.
. . 1 Aug. 2 Holders of rec. July 31a
Westchester Avcnuo (No. l ) ..
C H A R T E R S ISSU ED T O N A T IO N A L B A N K S JU L Y 7 TO J U L Y 13
Trust Companies.
of rec. July 28a
10 754 — The Bliss N ational B ank, Bliss, N . Y . Capital, $25,000. Glonn Astor (guar.)................................
. . 2 Aug. 2 Holders
F. M etcalf, Pros.; Charles M . M cG urron, Cashier. (Succeeds Broadway (guar.)----- -------..
IK Aug. 2 July 22 to Aug. 1
of rec. July 24a
2 Holders
Bliss Banking C o ., Bliss, N . Y .)
12K Aug.
Farmers'
Loan
tfc
Trust
(guar.).
10.755— The Lake Placid National Bank, Lake Placid, N . Y . Capital, Hamilton, Brooklyn (guar.)----. . 3 Aug. 2 Holders of rec. July 26a
$25,000. N oel Feldstein, Pres.; Howard Clino, Cashier.




J uly 31 1915.]

THE CHRONICLE

Name of Company.
Fire Insurance.
Queen Insurance
of America____ _______
Miscellaneous
Amalgamated Copper Co. (quar.)______
American Hank Note, common (quar.)___
American Brass (quar.)________________
Extra_____________________________
American Chicle, common (monthly)____
American Cigar, common (quar.)______
Amer. G as* Elec., pref. (quar.) (No. 34)
American Glue, preferred______________
Amer. Graphophone, pref. (quar.) (No69)
Am.
La France Fire Eng., Inc.,com. (qu.)_
Amer. Light & Trac., com. (quar.)_____
Common (payablo In common stock)
Preferred (quar.).....................................
Amer. Pipe & Construe. Secur., pref___

American Utilities,
Soda Fountain
(quar.)
..............
American
preferred
(quar.)
____
Atlas Powder, pref. (quar.)___________
Blgelow-IIartford
Carpel,
common
________
Preferred (quar.)____________________
Bond
A Mortgage Guarantee (quar.)_____
Borden's Condensed Milk, com. (No. 40)

Brill (J. G.) Co., preferred (quar.)_____
Brown Shoo, Inc., preferred (quar.)____
Brunswlck-Balko-Collender, pref. (quar.)
Buckeye Pipe Line (quar.)______ ______
Burns Brothers, common (quar.)______
Preferred (quar.) (No. 10).....................
Cambria Steel_____ __________________
Canada Cement, pref. (quar.) (No. 22)..
Cluett,Peabody&Co.,Inc.,com.(qu.)(No.7)
Commonwealth-Edison (quar.)_____

Consolidated
Gas (quar.)_____________
Extra___________________________
Consolidation Coal (quar.)_________
Consumers Company, preferred............
Cuba Company, preferred_________

Do Long Hook & Eye (quar.) (No. GO)..
Diamond Match (quar.)_____________
Dlllman Bakery, Inc., pref. (No. 1)___
Distilling Co. of America, pref. (quar.).
Dome Mines (No. 1).......... ..... ...............
Dominion Bridge (quar.)_____________
Dominion Coal, preferred..
Dominion Steel Corp., pf. (qu.) (No. 14)
Eastman Kodak, common (extra)___
Edison Elec. III., Boston (quar.) (No.105)
Electrical Securities Corp. pref. (quar.)..
Electric Boat, common (No. 5)_____
Common (No. 6)______________ j
Preferred (quar.) (No. 29)_______
Preferred (quar.) (No. 30)_________
Electric Bond * Share, pf. (qu.) (No. 41)

ElginHorn
National
(quar.)
________
____________
Elk
Fuel, Watch
preferred
Eureka Pipe Line_________________
Fairmont Gas, preferred (quar')........ I
Fall River Gas Works (quar.) (No. 83).
Eederal Sugar Refining, pref. (quar.)..
Ft. Worth Pow. A Lt„ pf. (qu.) (No. 1G)
Galr (Robert)
Company,
preferred
General
Chemical,
common
(quar.)(quar.)..
___
Globo-Wernieke, common (quar.)_____

Goldfield Consolidated Mines (quar.)__
Goodrich
(B. F.) Co., preferred (quar.)___
Granby Cons. Min., Smelt. & Pow. (qu.)

Ilarrison Bros. & Co., pref. (quar.)____
Hercules Powder, preferred (quar.)____
Houston OH, preferred...............................
Illinois Northern Utilities, pref. (quar.)..
Illuminating & Power Sec., pref. (quar.).
Indiana Pipe Lino____________________
Inland
Steel (quar.)___________________
Int. Harvester of N. J., pf. (qu.) (No. 34)
Int. Harvester Corp., pref. (qu.) (No. 10)
International Nickel, preferred (quar.)..
Island Creek Coal, common (quar.)___
Jefferson A Clearfield Coal A Iron, pref..

Kansas
City
Kansas
City Stock
Stock Yards
Yards of
of Maine,
Missouripf.(qu.)
(qu.).
Kayser (Julius) A Co.. 1st A 2d pf. (qu.)

Kellogg Switchboard A Supply (quar.)..
Kclly-Sprlngfleld Tire, common (quar.)..
Kerr Lako Mining (quar.) (No. 40)____
Kings Co. El. Lt. A Pow. (qu.) (No. G2).
Lehigh Coal A Navigation (quar.)_____
Liggett
A Myers Tobacco, common (quar.).
Lowell Elec. Light Corp. (quar.) (No. 77)
Massachusetts Gas Companies, common.
Miami Copper (quar.) (No. 12)_______
Mobile
Electric Co., preferred (quar.)____
Montreal Lt., Ht. A Pow. (qu.) (No. 57)
Municipal Service, preferred (quar.)___
National Carbon, preferred (quar.).........
National Cloak A Suit, preferred (quar.).

National Lead, common (quar.)__________
PreferredRefining,
(quar ) ____________________
National
commonCorp.,
(quar.)pref
--------Nevada-Caltfornla
Electric
___
NIpo Bay Co., common.................. ..........

North American Co. (quar.)....................
Omaha Electric Light A Power, preferred
Osceola Consolidated Mining_________
Pacific Coast, first preferred (quar.)___
Second preferred (quar.)_____________
Pnclflc Pow. A Light, pref. (qu.) (No. 20)
Penmans, Limited, common (quar.)____
Preferred (quar.)__________ ____
Penn Traffic.................. ......
Peoples Gas Light A Coke (quar.)’ ...........

Per When
Cent. Payable.

On dem
Aug. 30 Holders of rcc. July 31a
Aug. 10 Holders of rec. Aug. 2a
1
1 M Aug. 2 Holders of rec. July 20a
Aug. 2 Holders of rec. July 20a
l
Aug. 20 Holders of rec. Aug. 12
l
1K Aug. 2 Holders of rec. July 15a
Aug. 2 Holders of rec. July 17
IK Aug.
2 July 18 to Aug. 2
4
Aug. 16 Holders of rec. Aug. 2
IK
Aug. 1G Holders of rec. Aug. IGa
1
16 to Aug. 1
2K Aug. 2 July
July 10 to Aug. 1
2 K f Aug.
to Aug. 1
1 'A Aug. 2 July 16
4 Aug. 2 Holders of rec. July 20
16 Holders of rec. Aug. 2
IK Aug.
Aug. 10 Holders of rec. July 31a
IK
IK Aug. 1 July 22 to Aug. 1
2 H Aug. 2 Holders of rec. July 28a
Holders of rec. July 28a
IK Aug.
4
Aug. 14 Holders of rec. Aug. 7
4 Aug. 14 Aug. 1 to Aug. 15
Aug. 2 July 25 to Aug. 1
1
Aug. 1 Holders of rec. July 24a
IK
Oct. 1 Holders of rec. Sept, la
IK
Sept. 15 Holders of rec. Aug. 25
52
Aug. 16 Holders of rcc. Aug. 2
IK
2 Holders of rcc. July 19
IK Aug.
Aug. 14 Holders of rec. July 31a
IK
Aug. 16 Aug. 1 to Aug. 10
IK
1
Aug. 2 Holders of rcc. July 21a
Aug. 2 Holders of rcc. July 15a
2
15 Holders of rec. Aug. 12
IK Sept.
Sept. 15 Holders of rec. Aug. 12
K
July 31 Holders of rcc. July 21a
IK
3 K Aug. 20 Holders of rcc. Aug. 10
Aug. 2 Holders of rec. Juno 30
31 K Aug.
2 Holders of rcc. July 19
Sept. 15 Holders of rec. Aug. 31a
IK
3 K Sept. 1 Aug. 21 to .............
K July 31 Holders of rec. July 10a
50c. Sept. 1 Holders of rec. Aug. 22
Aug. 1G Holders of rcc. July 31
IK
3 K Aug. 2 Holders of rec. July 16a
Aug. July 16 to Aug. 2
IK
5 Sept. Holders of rec. Aug. 7
3 Aug. Holders of rcc. July 15
Aug. Holders of rec. July 27a
IK Sept.
4
Holders of rec. Aug. 20a
8
Oct. Holders of rec. Sept. 20a
Sept. Holders of rec. Aug. 20
8
8
Oct. Holders of rcc. Sept. 20
Aug. Holders of rec. July 21
IK Aug.
2
Holders of rcc. July 27
Aug.
Holders of rec. May la
IK
G Aug. Holders of rec. July 15
IK Aug. 20 Holders of rcc. Aug. 1 la
3 Aug. Holders of rcc. July 20a
Aug.
of rec. July 30a
IK
Aug. Holders
Holders of rec. July 20
IK Aug.
July 24 to Aug. 1
IK
IK Sept. Holders of rec. Aug. 20a
2 Sept. 10 Holders of rec. Aug. 30a
10 c. July 31 Holders of rec. Juno 30a
of rec. Sept. 20
IK Oct. Holders
$1.50 Aug.
Holders of rec. July 10a
1
Aug. Holders of rec. July 28a
IK Aug. 15 Aug. 6 to Aug. 15
3
Aug. July 24 to Aug. 1
2 July 21 to Aug. 1
IK Aug.
Aug. 10 Holders of rec. July 31
IK
$22 Aug. 14 Holders of rec. July 24
Sept. Holders of rec. Aug. 10
IK Sept. Holders of rcc. Aug. 10a
Sept. Holders of rec. Aug. 10a
IK
Aug. July 15 to Aug. 2
IK
50c. Aug.
Holders of rec. July 23
Aug. 1G Holders
IK
of rec. Aug. 9a
Aug. Holders
IK
of rcc. July 15a
2 Holders of
IK Aug.
rcc. July 15a
Aug.
IK
Holders
of
rec. July 2la
3 July 31 Holders of rec.
July 29
IK Aug. 2 Holders of rec. July
15
25c. Sept. 1 Holders of rec. Sept, la
2
Sept. 1 Holders of rec. Aug. 20a
$1
Aug. 3 Holders of rec. July 31a
3 Sept. Holders
rcc. Aug. 14
2 Aug. 2 Holders of
of rec. July 24a
Aug. Holders of
IK
rec. July 15
75c. Aug. 10 Holders of rec. Aug. 2a
Aug. 15 Holders of rcc. July 31
IK
16 Holders of rec. July 31a
2K Aug.
Aug. 1 Holders
IK
23
Aug. 14 Aug. 5 of torcc. July
IK
15
Sept. 1 Holders of rec. Aug.
IKK Sept.
Aug. 19a
30 Sept. 11 to Sept. 15
15
IK Sept.
21 to Aug. 24
Aug. 15 Aug.
Holders of rec. Aug. 1 1
2 K Aug. 10 July
27 to Aug. 2
8
July 31 Holders
of rcc. July 24
1 Holders of
IK Oct.
Sept. 15a
Aug. 1 Holders of rec.
2K
rec. July 20a
53 July 31 Holders of rec. July 1
Aug.
2
25 to Aug. 2
1IK Aug. 2 July
July 25 to Aug. 2
I K Aug. 1 Holders of rcc. July 23
1
Aug. 16 Holders of rec. Aug. 5a
Aug. 2 Holders of rec. July 21a
1K Aug.
2
2 Holders of rec. July 15a
2 Aug. 25 Holders of rec. Aug. 3a
20

1

The Federal Reserve Banks.—
onn half ndlfion“d ollars° t bn

r

Books Closed.
Days Inclusive.

Name of Company.

349
Per When
Cent. Payable.

M iscellaneous (Concluded). g-J

Books Closed.
Days Inclusive.

Pittsburgh Steel, preferred (quar.)............... IK Sept 1 Holders of rec. Aug. 16
Plttsb. Term. Whse. A Transf. (monthly).. 25c. Aug. 15 Holders of rec. Aug. 7
Portland Gas & Coke, pref. (qu.) (No. 22) 1 K Aug. 1 Holders of rec. July 23
Pressed Steel Car, pref. (quar.) (No. 66).. IK
Aug. 25 Aug. 5 to Aug. 24
Procter & Gamble, common (quar.)..
14 Holders of rec. July 24a
Extra (payable In common stock)___ i4f Aug.
Aug. 14 Holders of rec. July 24a
Public Service of Nor. Illinois, com. (qu.) IK Aug
1 Holders of rec July 15
Preferred (quar.)__________
Aug 1 Holders of rec July 15
Pullman Company (quar.) (No? 194)1111 2IK Aug.
16 Holders of rec. July 31a
Quaker Oats, pref. (quar.)_____________ IK Aug. 31
Holders of rec. Aug. 2a
Sears, Roebuck & Co., common (quar.)
IK Aug. 14 Holders of rec. July 30a
Sierra Pacific Elec. Co., pf.(qu.) (No. 24) $ 1.00
Aug. 2 Holders of rec. July 23a
South. Cal. Edison, com. (qu.) (No. 22) IK Aug.
15 Holders of rec. July
Southern Pipe Line (quar.).
Sept. 1 Holders of rec. Aug. 31
Standard Oil (Indiana) (quar.) ............. 36 Aug.
31 Holders of rec. Aug. 163
Standard Sanitary Mfg., com. (quar.)
Holders of rec. July 22
IK
Preferred (quar.)____________ "
Holders of rec. July 22
Stewart-Warner
Speedometer, com'.(quar.Y IK
IK Aug. 1 July 27 to July 31
Preferred (quar.)_________________
Aug.
1 July 27 to July 31
IK
Taylor-Wharton Iron & Steel, pref""(qu" ) 1 K Aug. 1 July 25 to Aug. 1
Texas Power & Light, pref. (quar.)___
2 Holders of rec. July 26
IK Aug.
Torrlngton Company, common.
Aug. 2 Holders of rec. Julv ilia
Underwood Typewriter, common (quar.) 41 Oct.
1 Holders of rec. Sept. 20a
Preferred (quar.)........................
IK Oct. 1 Holders of rec. Sept. 20a
Union American Cigar, preferred (quar.) 11 IK
Aug.
15
Aug. 1 to Aug. 15
United Cigar Mfrs., com. (quar.)______
2 Holders of rec. July
United Cigar Stores of Amer., com (qu j lIK Aug.
Aug. 16 Holders of rec. Aug. 26a
2a
U. S. Bobbin A Shuttle, pref. (quar.)___
Aug. 2 July 21 to Aug. i
U. S. Rubber, first pref. (quar.).. "" 2IK July
31 Holders of rec. July 15a
Second preferred (quar.)_____ I
IK July 31 Holders of rec. July 15a
U. S. Steel Corporation .pref. (quar )
Aug. 30 Aug. 3 to Aug. 16
Washington (D. C.) Gas Light (quar.) " $IK
1.20 Aug. 2 Holders of rec. Julv 15a
White (J. G.) Co., pref. (quar.) (No. 49). IK
Sept.
Holders of rec. Aug. 20
White (J. G.) Engineering Corp., pref. (qu~) 1 K Sept. 11 Holders
of rcc. Aug. 20
While (J. G.) Management Corp., pf. (qu.) IK Sept. 1 Holders of
rec. Aug. 18
Wlllys-Overland, common (quar.)__
Aug.
1 Holders of rcc. July 21 a
Woolworth(F.W.)Co.,com. (qu.) (No."l3 )| IK Sept. 1 Holders of rec. Aug. 10a
a 1 ransier books not closed for this dividend, b Less British Incorao tax. d Cor­
rection.
e Payable
In stock. dividends.
/ Payable in common stock, g Payable In scrip.
h On account
of accumulated
y

Imports and Exports for the Week.

are

— T h e fo llo w in g
tlio re p o rte d im p o rts a t N o w Y o r k fo r th e w e e k e n d in g
J u l y 24 a n d since th e fir s t o f J a n u a r y :

FOREIGN IMPORTS AT NEW YORK.
For Week Ending July 24.
1915.
1914.
1913.
1912.
Dry Goods.............. .............. $2,393,316 $3,517,358 $2,625,693 $2,790,413
General Merchandise........... 13,568,086 15,766,593 16,717,013 15,504,034
T ota l_________ ________ $15,961,402 $19,283,951 $19,342,706 $18,294,447
Since Jan. 1.
Dry Goods______________ $67,749,241 $104,458,833 $81,S27,438 $79,171,078
General Merchandise_____ 577,719,744 480,239,783 467,572,200 479,652,677
Total 29 weeks_________ $645,468,935 $584,698,616 $549,399,638 $558,823,755
EXPORTS FROM NEW YORK.
Week Ending July 24.
1915.
1914.
1913.
1912.
For the week_____________ $34,374,213 $14,177,223 $14,144,568 $13,055,416
Previously reported............. 710,346,189 491,259,550 500,588,941 446,745,026
Total 29 weeks______
$744,720,402 $505,436,773 $514,733,509 $459,800,442
T h e g o ld a n d s ilv e r e x p o rts a n d im p o rts fo r th e w e e k a nd
sin ce J a n u a r y 1 h a v e been as fo llo w s :

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Week ending July 24.
Exports. .
Imports.
Gold.
Since
Since1.
Week. Jan. 1.
Week. Jan.
Great Britain......................................
$1,956,982
11,519,314
Germany_____________
S
10,000
$5,286,978
$800
1,101,611
Mexico....................
20,000
1,092,460
South America__
711,140 321,615 6,703,959
50,000 54,422 4,802,720
Total 1915...............
$10,000 86,068,118 $376,837 S27.237.046
Total 1914_____
$500 82,837,312 180,460 5,241,434
Total 1913...............
321,410 68,695,590 410,958 11,145,127
Silver.
Great Britain...................................... $524,178 $20,533,951
$9,813
France__________
1,426,575
6,263
Germany________
West Indies______
1,640
1,237,260
$106
94,855
Mexico----------------3,700 1,034,967
South America....................................
42,354
6,515 2,169,824
All other countries..............................
9,375
11,501
Total 1915......................................... $525,818 $23,253,215 SI,053,089 S4,999,346
Total 1 91 4 ................................
828,975 24.324,290 133,774 5,242,803
Total 1 913..................................... 915,762
29,123,187 259,498
Of the above Imports for the week in 1915, $800 were American gold coin
and $4,131 American silver coin.

F o llo w in g is th o w o o k ly s ta to m o n t issued b y th e F e d e ra l R e s e rv o B o a rd o n J u l y 24:

m . ,t otal
o f l -8 millions and a gain in gold reserve o f 2.4 million dollars. G old in vault shows a gain o f over
o n O j£ i increase o fa b o u M ? 4m in im f
an. ,n° reaSe o f
million dollars, while other cash reserve decreased about 0.4 million dollars
this head The amount o f •
i emnt>^>
> .£Pl!^i S l ,owrl1 m, th.° am ount o f discounted notes held b y the banks, Richm ond reporting tho largest gain under
W h o o W
r
hanks increased 1.4 million dollars, New Y ork , Boston and Philadelphia accounting for about
o f the previous week
A bout V w
c u u i u ? o f commercial paper and acceptances tho latter constitute at present 26.2% as against 23.8% at the end
60 d a v ^ as against 64 4 % shown a w he “ ^
H,apor ho.ld m atu™a within 30 days as against 3 2.3 % reported the week before, and about 62.8% within
over one-haim nillion dollars, the Dallas ban kw U h
W ,
“M i *
N o change is reported8in the alrwuntI^ T l tVf*V<8 tj ? n^ h i r d o f tho ^ntiro holmng.^ o f Uiis class o f paper reporting the largest loss for the week.
N o. change is p o r t e d m t h e o f
Ura ted
bonds
holdings o f m unicipal warrants Increased about 0.7 million, ;all
tho banks, except Cleveland, reporting larger fi?Uros than for tho provious week.
amounts* o fr^ n lt a ls h o w n fo r s o m o o f
amou,nt
paid-in capital, o f which $24,000 is claimed b y the Boston bank. T ho changes in the
t o 'a n o th e r.CapU 1 S“ 0Wn IOr 0 m 0 o f tho othor banks ar° duo to tho shifting or accounts resulting from tho transfer o f m ember banks from one district

\-77

A

tm^ andP8 t!t Lmi?sVbanks?rC¥ho 0 F'?yl^rM1iincf>l.^!.10o!^«?f^'

Y ork bank being offset in part b y considerable net withdrawals from the

I ho fig u re s o f th o co n so lid a te d s ta to m o n t f o r th o s ys to m as a w h o lo a re g iv e n o n th o fo llo w in g pa go, a n d in a d d itio n
w o p re s e n t tho re s u lts t o r each o f th o e ig h t p re c o d in g w e e k s , th u s fu rn is h in g a u se fu l c o m p a riso n . I n th o second ta b le w o
s lo w th e reso u rce s a n d lia b ilitie s s e p a ra te ly fo r oach o f th o tw o lv o F o d o ra l R e s o rv o b a n k s . T h o s ta te m e n t o f F e d o ra l R e s e rvo
A g o n ts A c c o u n ts (th o t h ird ta b lo fo llo w in g ) g iv o s d o ta ils re g a rd in g th o tra n s a c tio n s in F e d o ra l R o s o rvo n o te s b o tw e o n th e
C o m p tro lle r a n d th o R o s o rvo A g o n ts a n d b o tw o o n th o la tto r a n d th o F o d o ra l R e s e rv o b a n k s .



350

[Vol. 101

THE CHRONICLE

S t a t e m e n t o f c o m b in e d R e s o u r c e s a n d L ia b il it ie s o f t h e F e d e r a l R e s e r v e B a n k s of t h e U n it e d S t a t e s of
A m e r i c a a t t h e c l o s e o f b u s i n e s s J u l y 23 191o.

July

RESOURCES.
July
‘ July

July

Junell

June

June

June

1915.
4 1915. il/ay28 1915.
181915.
25 1915
23 1915.
16 1915.
9 1915.
2 1915
$217,281,000
Gold coin ami certificates In vault-----------------$214,017,000 $213,472,000 $218,021,000S-31,368,000 $223,827,000 $217,161,000
G o ld redemption fund with U. S.Treasurer..
1,076,000
1.030,000
1,116,000
1,080,000
31,360,000
29,380,000
28,950,000 $242,515,000 $243,640,000
47,106,000 3l',84o/o09
” Q" ' ' w '
Gold settlement fund........................................ 48,-150,000 46,680,000
$246,231,000
$246,521,000
S255,187,000
288,000
'Tnt'il tmlrl reserve
S263.573.000 S261.188.000 $266,243,000 3264,
44,632,000
35,337,000
31,989,000
48,916,000
47,848,000
L ega l tendernotessUveV, *811111" 11111. .
25,913’,000 26,492,000
22,494,000 24, S41,000
Total reserve............................................... $2 8 9 ,486,000 S287,680,000 S2SS,737,000 S2S9 ,129,000 S303.035.000 S295.437.000 S290,863,000 $277,852,000 $275,629,000
_______
...
Bills discounted and bought—
322.000 514.333.000 S14.3S3.000 $14,721,000 S14,054,000 $12,907,000
513.008.000
Maturities within 30 days.................................................. $11,956,000$12,146,000
9,980,000
10,818,000
11,474,000
12,423,000
10.070.000
11,367,000
735.000
Maturities within 60 days__________________________ 12,815,00012,103,000
10,468,000
9,180,000
8,621,000
7,351,0001 11,226,000
097.000
8.557.000
Maturities within 90 days-------------------4,62t,000j
3.745.000
033.000
Maturities over 90 days____________________________
3,456,0003,992,000
S35.589.000 S36,007,000 $34,703,000 $33,951,000
T o ta l____________________________ S39,423,000 $37,640,000 536.677.000 $36,187,000 536.375.000
10,162,000
10.379.000
9.593.000
9.820.000
8.971.000
Bank acceptances (Included In a bov e).. 10,338,000
S7,137,0001 24,038,000
30,041,000
S7,208,000
S7,601,090
$7,SOS,000
$7,652,000
$7,923,000
Investments: U. S. bonds_________________
S7,923,000
9,996,000/
9.664.000
11.509.000
13,895,090
12,390,000
14,391,000
Municipal warrants__________ 15,110,000
7,435,000
14,878,009
7,132,000
8.145.000
8.311.000
9.862.000
5.855.000
6.107.000
5,229,000
Due from Federal Reserve banks— Net-----13,191,000
6.204,0001 12,901,000
7.753.000
9.124.000
7.601.000
8.379.000
9.953.000
Federal Reserve notes— Net______________
9,227,000
6,148,000/
6.533.000
5.501.000
3.680.000
4.430.000
3.694.000
All other resources...................................
4,765,000
Total Resources................................$371,163,000 S367,878,000 $365,337,000 S366.4S1.000 $331,456,000 $370,329,009 $371,281,000 $357,531,000 $360,247,000

LIABILITIES.

Capital paid In____________________________ $54,170,000 $54,135,000 S54,104,000 S54,128,000 $54,200,000
Reservo deposits— Net___________________ 301,063,000 297,616,000 295,808,000 297,883,000 311,349,000
Federal Reserve notes— N e t _______________ a l l , 521,000 al4,242,000 a l3 ,375,000 al2,797,000 al2,617,000
3,290,090
1,673,000
2 , 100,000
All other llabiliWes............................................
1,409,000
1,885,000
Gold reserve against net liabilities (b )______
Cash reserve against net liabilities (b )______
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes In
circulation ( b ) ........................ .........................
I CUvl iW IVt'OV.l Vv liU VvO* VJi

—

Deduct: Gold and lawful monoy In hands
of Federal Reserve Agents for re­
tirement of outstanding notes..........

:, 163,000 $367,878,000 S365,3S7,000 $366,481,000
87.8%
87.9%
85.3%
84.9%
96.1%
95.3%
94.0%
93.3%

90.6%

97.8%

1,647,000 $91,898,000

1915.
$87,621,000

77,656,000

74,246,000

96.0%

23 1915. July 10 1915. July 9

1,126,000

Net liability of Reserve Banks upon
outstanding notes.__ ________ S14.521.000 $14,242,000
(b) A,t6twienUFelderalfReserweIbanks^vlz.^ $5,229,000

$13,375,090

$5,855,000 $0,107,000

July 2

93.6%

1915.
$83,413,000
70,616,000

$51,184,000
288,281,000
a 11,413,000
3,653,000

$54,158,000
292,050,000
a 10,921,000
3,118,000

80.8%
96.0%

81.3%
97.4%

82.9%
93.0%

82.9%
95.0%

82.4%
93.3%

93.3%

99.8%

100.4%

97.2%

95.3%

68,996,090

65,871,000

61,431,000

58,291,000

54,691,000

$12,100,000

$12,098,000

$11,413,000 $10,021,000

$41,878,000

$7,132,000

81915. Junell 1915. June 4 1915. Mav 2S 1915.
une
25 1915 June 181915.
81.613,000 $77,971,000 $73,529,000 $69,704,000 $65,612,000

$12,797,000 $12,617,090
$9,862,000

S54.201.000 $54,195,000
299,361,009 299.653,000
a 12,109,000 a 12,098.000
5,335.000
4,667,000

$3,311,000 $3,145,000

$7,435,000

WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 23 1915.

Boston. New York. Phlladel'a. Cleveland, j Richmond. Atlanta. Chicago. St. Louis. Minneap. Kan. CUy. Dallas. San Fran. Total.

RESOURCES.

$
S
$
g
1
g
1
§
8
s
$
$
s
$
s
6.652.000 6.299.000 2.763.000 8,897,000 214,047,000
Gold & ctfs. In vault.. 8,644,000 113,001,000' 13,241,000 12,906,000 4,431,000 3.529.000 25,974,000 7,650,000 1.157.000 3.611.000 3.998.000
307,000
48,450,000
9,329,000
1,657,000
4,256,000
3,212,000
1.304.000
Gold settlement fund — 7,707,000' 10,151,000 1,671,000
313,000
30,000
37,000
21,000 1,076,000
_____
35,000
225,000
17,000( 300,000
6,000j
55,000l
37,000
Gold redemption fund..
9,947,000
7,074,000
7,869,000
9,285,000263,573,000
35,303,000
9,342,000
5,058,000
17,239,000
7,943,000
Total gold reserve.. 16,357,000 123,207,000 14,949,000
568,000
4,000 .493,000
21,000 25,913,000
846,000
340,000 2,989,000
130,000
170,000 16,301,000 3,027,000 1,024,000,
Legal-ten .notes,silv. ,&c.
Total reserve____

16,527,000 139,508,000 17,970,00048,263,000; 8,073,000! 5,398,00033,292,000 10.188,000 7,873,000 10,440,000 7,642,000 9,306,000289,486,000

Bills discounted & bought
368,000
Commercial paper___
Bank acceptances----- 2,097,000

585,000
727,000!
5,103,000 1,467,000

699,000! 8,313,000 4,745,000 1,537,000
348,000
201,000 ............1 . . .

2,465,000;

5.683,000 2,194,000.

900,000 8,313,000; 4,745,000 1,885,000 1,125,000 1,672,000 1,457,000 6,629,000 2,350,000 39,423,000
1.001.000 7,923,000
930.000
3,725,000; 242,000 1,025,000
454.000
496,000
1,036,000, 15,110,000
1,770,000, 620,000

Total.................. .

936.000 1,506,000 1,104,000 6,629,000 1,936,000' 29,085,000
353,000
...
414,000 10,338,000
166,000
189.000

.............. | 340,000
060,000
5,160,000, 1,631,000 1.539.000

Investments U. S. bonds
Municipal warrants.. 2,404,000
Due from other Federal
371.000
152,000 1,301,000' *5,229,000
54,000
...
427.000 1.166.000
623.000
308-.000 2,996,000!
Reserve banks—Net.
1.181.000 9,227,000
183,000
2,353,000
107,000
58,000
308.000
453.000 4,584,000!
Fed. Res’ ve notes—Net
537.000
22",666
81,000, 4,765,000
142,000 2,194,000
77,000
158.000
341.000
161 000! 696.000
301.000
All other resources____
Total resources----- 22.150.000 155,101,000 23.322,000 23,177,00017,167,000 10,523,00051,163,000 14,476,000 11.360,000 14,187,000 14,415.000 16,256,000 371,163,000

LIABILITIES.

4,802,000 10,812,000 5,376,000 5,951,000 3.361.000 2.414.000 6 610 000 2.794,000 2,423,000 2,946,000 2,758,000 3,923,000 54,170,000
Capital paid In............
---- - . ’ .»o
c ,wt iw i 10,901,000 0,063,000 12,333,000301,063.000
Reserve deposits— Net. 17,063,000141,409,000 17,946,000 17,220,000 7.950.000 5.219.000 44,553.00011/463,000 8,937,000
340,000 5.5S7.000
..
14,521,000
5.757.000 2.837.000
285,000
_____

All other liabilities

1,660,000
1,220,000

219,000
99,000

37,000,

53,000

1 ,4 0 9 ,6 6 6

Total liabilities___ 22,150,000 155,101,000 23,322,000 23,177,00017,167,000 10,523.00051,163,COO 14,476,000 11.360.000 14.187.000 14,445.000 16,256,000,371,163,000
|
—
F.R. notes Issued to bks 4,420,000' 45,320,000 2,730,(Up 4,700,000! 8,300,000 5,500,000 4,380,000 626,000 3,SOO.OOO 4,100,000 8,215,000 2,040,000 94,131,000
F.R. notes In hand3 of
350,000!
178,000; 1.181.0001 10,711,000
183,000
453,000' 4,784,000
58.01W 308,000/ 243,000
513,000 2,353,000! 107,000
banks ..............

Memorandum

F .R . notes in circulation 3,907,000 40,536,000 2,672,000 4,392,000 8,057,000/ 4.9S7.000 2,027,000

519,000 3,617.000 3,750,000 8,037,000

859,000, 83,420,000

Gold and lawful money
with agents................ 4,420,000 45,120,000 2,730,000 4,700,000 2,300,000 2,150,000 4.380.000
______I'
_____ 5,757,000, 2,837,000>1
Carried to net llablllttes.
2.353.000
308,000
1
453",666
4 ,5 8 4 ,6 6 6
5 8 *6 6 6
Carrlcd to net assets___

620.000! 3,800,000 3,410,000 2,450,000 2,040,000, 78,126,000
340,000 5,587,000
J 14,521,000
---- -----------..........
1,181,000 9,227,000
107,000
183,000

♦Items In transit, 1. c., total amounts duo from minus total amounts due to other Federal Reservo banks.
STATEMENT OF FEDERAL RESERVE AGENTS’ ACCOUNTS JULY 23 1915.

Boston. New York. Phlladel'a. Cleveland. Richmond. Atlanta. Chicago. St. Louis. Minneap. Kan. City. Dallas. San Fran. Total.
S
8
s
s
S
$
S
S
•S
8
S
|
8
Federal Reserve Notes—-1
$
5,000,000 6,000,000 9,775,000 10,000,000 134.475.000
|

Rec’d from Comptrol'r 11,800,000 49,840,000,
..............
Amount chargeable to
F. R . agent______ 11,800,000 49,840,000
In hands of agent, close
of business July 23. 7,380,000 4,520,000!
Issued to F. R. bank,
less notes ret. to agt.
!
for redemp. & cancel. 4,420,000 45,320,000
Held by F. R . agent—
In reduction of liability
on outstanding notes:
Gold coin & certfs.. 4,420,000 45,120,000^

5,340,000 6 ,^ ,0 0 0 9,160,000 8,500,000 9,260,000 3,400,000
30,000

30,000

>

5,310,000 6.400.000 9,160,000 8,500,000 9.260.000 3.400.000 5,000,000 6,000,0p0 9,775,000 10,000,000 134.445.000
;
860,000 3,000,000 4.880.000 2.774.000 1,200,000 1,900,000 L,560,000 7,900,000 40,314,000
2,580,000 1.700.000
2,730,000 4,700,000 8,300,000 5,500,000 4,380,000

626,000 3,800,000 4,100,000 8,215,000 2,040,000 94,131,000

2,730,000 4,700,000 2,300,000 2,150,000 b l,260,000

626,000 3,800,000 3,410,000 2,450,000 2,040,000 78.006.000

200,000
..........
.......... 6,000,000 3,350,000
Total_____________ 4,420,OOoj 45,320,000 2,730,000 4,700,000 8,300,000' 5,500,000 b l,260,000
a Amount comm'l paper
6,095,000 3,350,000
_____ | 200,000
--------turned over toF.R.agt.

626,000 3,800,000 4,100,000 8.215.000 2,040.000 94,011,060

As security for out­
standing notes:
Commercial paper a

090,000 5,765,000

Statement of Now York City Clearing-House Banks and Trust Companies.

691,000 5.985.000

10.005.000

16,321,000

— T k o fo llo w in g d e ta ile d s ta te m e n t
sh o w s th e c o n d itio n o f tho N o w Y o r k C i t y C le a rin g -H o u s e m e m b e rs fo r th e w o o k e n d in g J u l y 24. T h e fig u re s fo r th e sepa­
ra te b a n k s a ro th o a vo ra g o s o f th e d a ily re s u lts . I n th e case o f th o to ta ls , a c tu a l fig u re s a t tho on/1 of th e w o o k a re also
g iv e n . I n o rd e r to fu rn is h a co m p a riso n , w o h a v e in s e rte d th o to ta ls o f a c tu a l c o n d itio n fo r each o f th o th re o g ro u p s , a nd
also th o g ra n d a g g re g a te s, fo r th o fo u r p re ce d in g w e e k s .



J uly 31 1915.]

THE CHRONICLE

351

N E W Y O R K W E E K L Y C L E A R IN G -H O U S E R E T U R N .

Nat. Bank Nat. Bank Federal
Excess
CLEARING HOUSE
National
Notes Notes Reserve Reserve Due
Capital. Net
MEMBERS.
Loans,
Bank
[Reserve [Not
Legal
Net
Net
Bank
from
Profits. Discounts
with
for State Counted Notes
Week Ending
Legal Reserve Demand Time Circula­
investin'ts, Gold. Tenders.
Institu­
as
tion.
Deposits.
[Not
Deposits.
July 24 1915
Deposi­
Deposi­
&c.
fNat. B'k3june23
tions]. Reserve.] Reserve], taries. taries.
(00s omilled.)
\State B’ks June23l
Members of Federal
Average. Average. Average. Average. Average. Average. Average. Average. Average Average. Average. Average.
S
3
Reserve Bank.
3
$
a
S
S
$
8
$
S
3
S
$
4.0
886,0
728.0
Bank of N. Y., N.B.A. 2 , 000,0 4,674
29.752.0 1,626,0 800,0
2.177.0
32,989, 2.197.0
45.0 * 42 , 6 1.944.0
1.917.0
Merchants’ Nat. Bank. 2 ,0 0 0,0 2 , 210 , 27,224, 1.409.0 310.0 1.367.0
26.423.0
182,0
70,0 8.482.0
Mech. & Metals N a t... 6 , 000,0 9,242,
112.961.0 5,43 O’,6 4.944.0
97,110, 12.329.0 13,034.0 6.665.0
429.0
6S9.0 28.739.0
252,906,' 82.319.0 4.128.0 4.735.0
National City Bank__ 25.000. 36,933,
947.0 3.225.0
304.289.0
0
52.0
488.0 1.198.0
150.0 450.0
2.915.0
Chemical Nat. B ank... 3.000. 7,991,
29.955.0
0
30,790, 61 ., 011.0
160.0 431.0
10.0
121,0
899.0
Merchants' Exch. Nat. 1.000.
27.0 419.0
11.053.0
798
0
10,567,
10,0
109.0
26,0
47,0
124.0
50.0
53.0
1.659.0
300.0
2 , 011 ,
Nat. Butchers’ Sc Drov
77,
281.0
5.997.0 1.622.0 2.293.0
4.676.0
37.0 6.023.0
2,802,0
50.295.0
0
81,200, 13.444.0
Amer. Exch. Nat. Bank 5.000. 4,942,
7.084.0 5.717.0
243.0
59.0 13.922.0
179.571.0
125.0 3.888.0
National Bank of Com. 25.000. 17,843,
173.500.0
0
179.0
759.0
63.0 1.997.0
27.825.0 1.893.0 534.0
Chatham Sc Phenlx Nat 2.250.0 1,467,
562.0 1.187.0
27.919.0
108.0
2.904.0
59.0 8.499.0
102.659.0 19.313.0 2.258.0
305.0
117.171.0
Hanover National Bank 3.000. 15,389,
0
126,0
105.0 1.330.0
48.0 2.155.0
25.889.0 1.360.0 792.0
1.639.0
’
371,6
23,995,C
Citizens' Central N at.. 2.550.0 2,537,
116,0
855.0
676.0
9.068.0
95.0
926.0
33.0
9.453.0
0
Market Sc Fulton N at.. 1.000 . 1.972.4
969.0
27.0
624.0
1.790.0
50.0
2.258.0
29.009.0
Importers’ Sc Traders’.. 1.500.0 7,803,7 32.496.0 6.820.0
458.0
1.093.0 7.355.0
119.133.0
9.028.0
3.580.0
119.518.0
0
National Park Bank__ 5.000. 15,604,3
45.0
112.0
6.0
172.0
1.826.0
162.0
64,2
50.0
1.969.0
250.0
East River Nat. Bank..
63.0
540.0
15.142.0 1,060,0 273.0
40.0 1.032.0
685.0
12.469.0
0
Second National Bank 1 .0 0 0 . 3.192.5
164.0
139.266.0 14.36.8.0 4.891.0 2.156.0
19.0 10.041.0
5.077.0
125.0
0
133.033.0
First National Bank__ 10.000. 23,281,9
35.0
52.142.0 6.344.0 2.839.0 4.228.0
310.0 4.577.0
175.0 740.0
61.647.0
0
Irving National Bank. 4.000. 3.929.3
171.0
138.0 433.0
488.0
10.0
683.0
1.516.0 9.627.0 13.520.0
2 0 0 .0
9.437.0
500.0
N. Y. County Nat. Bk.
147.0
5.840.0 3.665.0
140.340.0
188.0 11.522.0
630.0 450.0
159.613.0
0
Chase National Bank.. 5.000. 9.832.1
136.0
796.0
1.465.0
879.0
15.826.0
23,0
1.898.4
1.351.0
890.0
33.0
16.804.0
Lincoln National Bank 1. 000 . 0 1.284.4 5.481.0
450.0
40.0
853.0
940.0
107,0
762.0
350.0
9.082.0
Garfield National Bank 1, 000,0
14.0
9.8.0 273.0
142.0
329.0
418,9 4.372.0 2.787.0
4.522.0 ” 53,0 245.0
Fifth National Bank__ 1 , 250.0
46.0
1.6.88.0
994.0
9.0
29.824.0
3.021.0
2.873.5
34.512.0
100.0
405.0
Seaboard National Bank 1 , 000,0
35.0
625.0 836.0
123,0 2.912.0
37.059.0 2,929,0 500.0
000,0 3.067.2 37.353.0 2.464.0
Liberty National Bank
31.0
256.0
234.0
7.720.0 589.0
16,0 546.0
679,6
7.824.0
398.0
Coal Sc Iron Nat. Bank. 11,, 000,0
10.0
218.0
660.0
268.0
10.561.0
4.0
1,004,9
774.0
10.106.0 ’ ”69",6 400.0
000,0
Union Exchange N at..
30,0
100,0
358,0
449,0
590.0
22.0
8.075.0
267.0
Nassau Nat. Brooklyn 1, 000,0 1. 120.2 8.708.0
3,198,0 1.949,0 128,390,0
1,603,404,0 16,672,0 37,885,0
Totals, avge. for week 112, 000,0 183,652,2 1,512,716,0 101,760,0 50,922,0 54,167,0
1.514.917.0 203.033.0 51.602.0 58.983.0
3.212.0 2.043.0 133.516.0
24
1.617.194.0
16.953.0 37.931.0
Totals, nctual conditio nn July
3.078.0 1.786.0 127.450.0
1.507.656.0 199.885.0 51.023.0 58.029.0
July 17
1.600.679.0 16.461.0 37.915.0
Totals, actual conditio n July
1.510.569.0 189.927.0 50.852.0 56.799.0
2.142.0 1.886.0 120.523.0
1,591,141,6
16.492.0 37.985.0
Totals, actual conditio n July 103
1.516.880.0 201.708.0 43.868.0 52.221.0
1.552.0 1.564.0 127.244.0
1.596.742.0 17.270.0 37.901.0
Totals, actual conditio
2.950.0 2.066.0 131.887.0
1459.504.0 233.185.0 36.596.0 44.898.0
1.563.292.0 16.672.0 37.850.0
Totals, actual conditio n June 26
State Banks
Not Members of
Federal Reserve Bank.
1 ,688,0 1.232.0
207.0
46.626.0
Bank of Manhattan Co. 2.050.0 4,801,0 39.207.0 10,675,0
81,0
30.124.0
Bank of America_____ 1.500.0 6.239.7 31.568.0 3.590.0 1,680,0 880,0
500.0 1.178.8 10.734.0 1.197.0
40,0
160,0 419.0
310.0
11.592.0
508.0
Greenwich Bank_____
345.0
117.0 210.0
500.0
909,7
4.931.0
795.0
Pacific Bank_________
4.868.0
442,6 2.076.0
167.0
2,0
39.0
125.0
29.0
2,0
People’s Bank............... 200.0
” 139',6 134,0 2.318.0
895.0 428.0
540.0
51.0
9.553.0
5,0
Metropolitan Bank___ 2 , 000,0 1.899.6 11.650.0
87.685.0
1,521,0
4.000,0
Corn Exchange Bank.. 3.500.0 6.729.7 77 925,0 6.971.0 2,96.8,0 4.162.0
51,0
299.0
3.159.0
47.0
190.0 ”78,6
23.0
Bowery Bank................
778.0 3.549.0
250.0
530.0
4.547.0
135.0 200.0
13.0
200.0
716,9 4.615.0
German-Amerlcan Bank 750.0
859.0
15.374.0
950.0
24.0
100.0 2,343,4 14.516.0 1.606.0
Fifth Avonue Bank___
127.0
3.545.0
104.0
" 213’6 552,0
66.0
800.5 3.650.0 466.0
German Exchange Bank 200,0
572.0
125.0
5.958.0
72.0
309.0
100,0
5.998.0
993.6
200,0
Germania Bank______
13.442.0
194.0
13.591.0 1.321.0 499.0 1.056.0
Bank of Metropolis___ 1 , 000,0 2,126,2
305.0 227.0
4,234,0,
111.0
4.742.0
30,0
” 202',6
655,3
20 0,0
West Side Bank.............
607.0
13.901.0
109.0
923,2 11.721.0 2.448.0 889.0
N. Y. Produco Exch ... 1,000,0
33,0 21.046.0
27,0
l . l S l ’.O
553.1 19.338.0 1.344.0 270.0 537.0
537.0
State Bank__________ 1.500.0
637.0
538.0 1,395,0 8.970.0 3,192,0
81.0 310.0
133.0
316,0 10.016.0
Security Bank_______ 1 , 0 0 0,0
236,0 26,587,0 66,424,0 633,745,0 115,269,0
Totals, avge. for week. 16,450,0 32,497,3 778,728,0 58,272,0 6,984,0 7,165,0 2,506,0
269.234.0 32.986.0 10.003.0 10.951.0 3.421.0
24
4.0
2.141.0 285.103.0 3.253.0
Totals, actual conditio nn July
267.143.0 33.094.0 10,601,1) 11.181.0 3.744.0
5.0
July 17
1.814.0 283.155.0 3.266.0
Totals, actual conditio n July
264.194.0 33.405.0 13.361.0 12.055.0 3.337.0
6.0
2.381.0 284.210.0 3.284.0
Totals, actual conditio □ July 103
362.995.0 33.053.0 17.782.0 12.884.0 2.960.0
4.0
3.253.0 257.598.0 3.312.0
Totals, actual conditio
258.646.0 33.538.0 13.042.0 14.129.0 3.341.0
4.0
3.075.0 251.497.0 3.301.0
Totals, actual conditio n Juno 26
Trust Companies
Not Members of
Federal Reserve Bank.
123.0
174.0 2 2 1,0
26,0 1,139 2.585.0 22.781.0 7.536.0
Brooklyn Trust Co__ 1.500.0 3.468.8 31.745.0 1.838.0 340.0
94.0
23.0
7,0 7,428 4.791.0 148,557,0 27.731.0
Bankers’ Trust Co___ 10,000,0 13,173,0 171.432.0 14.478.0
176.0
65.0 615.0
1,918 8.304.0 38.358.0 12.577.0
U.S. Mtg Sc Trust Co. 2 ,000,0 4.247.7 51.573.0 3.043.0
114.0
123.0
10.0
S06 2.435.0 16.960.0 5.265.0
Astor Trust Co............. 1.250.0 1.231.9 22.190.0 1.473.0
133.0
180.0
121.0
673.0
13,0 1,172 4.896.0 23.448.0
Title Guar. Sc Trust Co 5.000. 0 11,866,5 37.557.0 1.951.0
4,414 20.S23.0 1S9,541,0; 27.069.0
579.0
23.217.8 219.593.0 19.136.0 2.301.0 2,026,0
Guaranty Trust Co----- 101 ,.000,0
386
29.0
263,0
000 .
0
101.0
124.0
607.0
49.0
7,738,0
1.337.3
8,999,0
Fidelity Trust Co----- 4.000.
31.0
15.0 688 1.150.0 13.753.0
0
387.0
5.065.8
81.0
151.0
21.174.0 1.123.0
Lawyers’ Title Sc Trust
93.0 2,490 4.436.0 49.803.0 14.005.0
0
7.409.3
65.596.0 4.068.0
115.0 519.0 284.0
Columbia Trust Co----- 21 .000.
21.0
802 1.809.0 16.049.0 1.040.0
,000,0
170.0
1.433.9 17.132.0 1 . 121.0
262.0
68.0
Peoplo’s Trust Co----35.0 1,709 6.757.0 34.062.0 7.623.0
0
18.0
11.197.9
47.256.0 3,178 0 1.632.0 1,904,0
New York Trust C o.. 3.000.
7.0 538 1.770.0 10.760.0 4.185.0
. 0 1,096,2 16.470.0
790.0
97.0
115.0
110,0
Franklin Trust Co----- 11,0.000
11.0
468 1.088.0 9,358,0! 1.051.0
0 0,0
588.0
534,7 10.487.0
33,0 285.0
52.0
Lincoln Trust Co.........
,000,0 6,093,6 42.266.0 3.268.0 1.654.0
8 .0
1,818 3.004.0 36.360.0 4.981.0
181.0 288.0
Metropolitan Trust Co 21.500.0
811 2.313.0 16.217.0
888,1
2 2 ,0
156.0 527,0
15.258.0 1.610.0
342,0
Broadway Trust C o..
7,0 7,480,0 2,192,0 2S6,942,0 3,261,0
Totals, avge. for week. 46,250,0 92,262,5 269,887.0 33,368,0 11,041,0 11,458.0 3,662,0
632.740.0 116,917,0
24
2.536.0
781.948.0 58.991.0 6.319.0
Totals, actual conditio n July
636.414.0 114,103,0
2.430.0
July 17
778.196.0 58.303.0 6.877.0
Totals, actual conditio nn July
632.106.0 113,706,0
5.384.0
2.295.0
773.289.0 56.233.0 3.871.0
Totals, actual conditio n July 103
629.648.0 110,507,0
2.408.0
776.523.0 58.217.0
Totals, actual conditio n June 26
599,969,0,117,S33,0
2.391.0
758.147.0 57.140.0 5.173.0
Totals, actual conditio
3,198,0
2,524,09 E0 135,202,0
293,400,0 68,947,0
Grand Aggregate, avge. 175,300,0 303,412.0 2,561,331,0
+ 75,0
+ 13,657,0 +1,615,0
+ 11,277,0 + 5,742,0 + 806,0
Comparison prov. weok
0 1 0,0 67,924,0
2,265,0 166,113,0 75.006.0 2^535^037,01137,123,0
099.0
Grand Aggregate, actual condition July 24. 2,566,
+ 224,0 + 497,0 + 65330 + 14,7S9,0 +3,293,0
+ 13, 104.0 723.0 —580,0
Comparison prev. week
2,552, 995.0
282,0 68.504.0 75.255.0
2.041.0 165,616,0 6+473^0 2^520j24Sji 13E83CM) 37.915.0
G'and Aggregate actual condition
2,109,0'165,147,0 66.840.0 2,507,457,0,133,542,0 37.985.0
2,548, 052.0 565.0 69.597.0 75.974.0
Grand Aggregate actual condition
1,763,0,164,478,0 68.172.0 2.513.985.0 137,089,0 37.901.0
2.556, 358.0
008.0 65.521.0 70.059.0
condition .
Grand Aggregate actual condition
Juno 26 2,476, 297.0
869.0 54.811.0 71.139.0
2,297,0! 160,593,0 81.784.0 2.444.758.01137.806.0 37.550.0
Grand Aggregate actual. condition June
2,474, 507.0
246.0 57.511.0 67.216.0
2.097.0 154,633,0 77.155.0 2,412,5t0,0 137,678,0 37.950.0
Grand Aggergate actual condition! Juno 10
12. 2,460, 796.0
1.919.0 159,155,0 69.614.0 2,398,806,0+38.728,0 37.962.0
088.0 63.100.0 66.596.0
Grand Aggregate actual
STATEMENTS OF RESERVE POSITION
Actual Figures.
Averages.
| Inc. or Dec.
Inc. or Dec.
a Reserve Surplus 1 from
Cash Reserve Reserve in
»Reserve Surplus
from
Cash Reserve Reserve in
Total
Total
in Vault. Depositaries Reserve. Required. Reserve. Previous Week. in Vault. Depositaries Reserve. Required. Reserve. Previous Week,
s
t
%
8
$
S
%
$
*
$
*
I *
Members Federal
435.239.000 289,446,320 145,792,680 + 9,437,160 313,618,000133,516,000447,134,000 291,942,570 155,191,430 +7,749,700
Reserve Bank.. 306,849,000 128,390,000
7,480,000 67,009,000 51,649,560 15,359,440 —2,641,300 57,361,000 7,406,000 64,767,000 51,318,540 13,448,460: —1,567,640
State Banks......... 59.529.000
Trust Companlos. 74.927.000 26,587,000 101.514.000 95,061,750 6,452,250 —1,431,100 74,006,000, 25,191,000 99,197,600 94,911,000 4,286,000: —2,711,900
603,762,000436,157,630 167,604,370 + 5,364,760 444,985,000166.113,000611,098,000438,172,110172,925,890 +3,470,160
Tota! July 24.. 441.305.000162.457.000
162,814,000
596.016.000 433,776,390 102,239,010 + 8,107,410 439.215.000165.616.000 004,831,000 435,375,270169,455,730 +6,744 410
Total July 17. . 433.202.000
423.829.000 161,4S1.000 585.310.000 431,237,800 154,072,200 —23,905,080 430.708.000165.147.000 595,915,000 433,203,680162,711,320 —1,230,780
Total July 10.. 449.523.000
164,478.000 598,434,000 434,491,900 163,942,lOOj —29,310,930
007.157.000 429,119,720 178,037,2,80 — 10,994,170 433.956.000
Total July 3 .. 458.218.000 157,634,000
157,950,000 616.108.000 421,136,550 195,031,450 — 1,465,480 455.551.000 160,593,000616,144,000422,890,970 193.253.0301 —7,147,160
Total June 26.. 454.663.000 158,032,000
612,095,000416,198,070 190,496,930 + 10,701,530 463.145.000154.633.000 617,778,000417,377,810 200,400,190 +5,243,690
Total June 19..
Total Juno 12.. 445.776.000 152,920,000 598,696,000412,900,600 185,795,400 —2,838,350 450,963,000159,155,000610,118,000414,961,500195,156,500; +8,887,250
* This Is the reservo required on Not Demand Deposits In the case of State Banks and Trust Companies, but In the case of Members of the Federal Reserve Banks
Includes also the amount of reserve required on Net Time Deposits, which was as follows: July 24, 8833,600; July 17, $827,400; July 10, S836.200; July 3, SS45.600;
Juno 26 , S833.550; Juno 19, 8812,400; Juno 12,8806,350.
•
a This Is the reservo required on Not Demand Deposits In the caso of Stato Banks and Trust Companies, but In the case of Members of the Federal Reservo Banks, It
Includes also the amount of reserve required on Net Time Deposits, which was as follows: July 24, 8847,650; July 17, $823,050; July 10, S324,600; July 3, 8863,500;
June 26, SS33.600; June 19, S833.600; June 12, 8808,500.



[Vol. 101

THE CHRONICLE

353

T h e S ta to B a n k in g D e p a rtm e n t ro p o rts w e e k ly fig u re s
s h o w in g th o c o n d itio n o f S ta to b a n k s a n d t r u s t co m p a n ie s
in N o w Y o r k C i t y not in the Clearing H ou se, a n d these aro
s h o w n in th e fo llo w in g ta b le :

SUMMARY OF STATE BANKS AND TRUST COMPANIES IN GREATER
NEW YORK, NOT INCLUDED IN CLEARING-HOUSE STATMENT.
from
(figures furnished by Slate Banking Department.) Differences
precious week.
July 24.
Dec. $163,900
Loans and Investments__________________________ .$595,176,400
8,800
G old.................................................................................... 48,705,200 Inc. 392,500
Currency and bank notes________________________ . 9,348,700 Dec.
Total deposits_______________________________ . 746,878,000 Inc. 6,181,000
Deposits, eliminating amounts due from reservo de­
positaries and from other banks and trust com­.
panies In New York City, and exchanges------------ 614,494,500 Inc. 811,700
Reservo on deposits____________________________ . 185,821,300 Inc. 4,663,500
Percentage of reserve, 31.9%.
RESERVE.
------- Stale Banks-------- — Trust Companies—
9.66%
Cash In vaults___________________$11,201,800 11.45% S46,852,100
Deposits In banks* trust companies- 15,816,500 16.17% 111,950,900 23.10%
.$27,018,300 27.62% $158,803,000 32.76%
Total
T h o a vo ra g o s o f th e N e w Y o r k C i t y C le a rin g -H o u s e b a n k s
a n d t r u s t co m p a n ie s, combined w it h th o se f o r th e S ta te b a n k s
a n d t r u s t co m p a n ie s in G ro a to r N o w Y o r k C i t y o u ts id e o f th e
C le a rin g H o u s o , co m p a ro as fo llo w s f o r a series o f w e o k s p a s t:

COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers In all these figures.
Total
Entire
Other
Money Reserve on
Loans and Demand
Week ended— Investments
Deposits. Specie. Money. Holdings. Deposits.
$
$
s
S
s
$
2,910,769,9 393,929,8 82,375,9 476,305,7 748.168.0
May 1------- 2.980.795.0
3.031.859.4 2.939.123.1 392.353.7 81.518.8 473.872.5 744,168,6
May 8------- 3.016.636.4
397.482.5 81.472.6 478.955.1 71)4,995,4
May 15......... 2.995.149.5 3.056.351.5
2,922,865,8 405.974.7 79.753.2 485.725.9 759.456.8
May 22......... 3.002.089.5 2.935,261,3
495.126.2 780.230.1
May 29------- 3.014.410.7 2.957.997.7 414.392.3 80.733.9
422.433.7 80.089.2 502.522.9 789.217.0
june 5------2.977.514.7 425.046.5 79,781,0 504.827.5 778,850,5
juno 12____ 3.035,658,2
439.905.1 73.257.9 513.163.0 795.476.0
june 19____ 3.050.140.8 2.995.498.0
3.028.615.2 446.616.8 70.451.2 517.068.0 796,000,4
june 26......... 3.045.645.1
3.083.954.0 435.726.5 72,230,4 507.956.9 789.700.3
july 3......... 3.105.038.2
3.093.795.5 400.003.9 82.704.3 482.708.2 766.343.0
july 10......... 3.144.527.9
Tuly 17......... 3.145.394.3 3.124.117.8 407.474.4 84,165,2 491.639.6 777.173.8
july 24......... 3.156.507.4 3.138.585.5 414.895.2 84.463.7 499.358.9 789.583.3

I n a d d itio n to th e re tu rn s o f “ S ta te b a n k s a n d t r u s t c o m ­
p a n ie s in N e w Y o r k C i t y not in the Clearing H ouse” fu rn is h o d
b y th e S ta te B a n k in g D o p a rtm o n t, th e D e p a rt m e n t a lso
p re se n ts a s ta te m e n t c o v e rin g all th e in s titu tio n s o f th is class
in th e w h o le S ta to . T h o fig u re s a ro c o m p ile d so as to d is tin ­
g u is h b e tw e e n th e ro s u lts f o r N o w Y o r k C i t y (G re a to r N e w
Y o r k ) a n d th o se f o r th e re s t o f th e S ta to , as p o r th e fo llo w in g :
F o r d e fin itio n s a n d ru le s u n d o r w h ic h th o v a rio u s ite m s
a ro m ad e u p , seo “ C h ro n ic le ,” V . 98, p . 1661.
T h o p ro v is io n s o f th e la w g o v e rn in g th o ro s o rvo re q u ire ­
m e n ts o f S ta te b a n k in g in s titu tio n s w e re p u b lis h e d in th e
“ C h ro n ic lo ” M a r c h 28 1914 ( V . 98, p . 9 68). T h o re g u la ­
tio n s re la tin g to c a lc u la tin g th o a m o u n t o f d e p o sits a n d w h a t
d e d u c tio n s a ro p e rm itte d in th e c o m p u ta tio n o f th o ro s o rve s
w o ro g iv e n in th e “ C h ro n ic lo ” A p r il 4 1914 ( V . 98, p . 1045).

STATE BANKS AND TRUST COMPANIES.

Banks
Cos.,
Slate Banks Trust Cos. Slate
outside of Trust
outside of
Week ended July 24. GreaterinN . Y . GreaterInif. Y. Greater
N . Y . Greater AT. Y.
$
S
S
S
Capital as of Dec. 24----- 24,550,000 67,300,000 10,913,000 13,100,000
Surplus as of Dec. 24----- 39,269,500 151,327,000 13,749,700 11,225,000
1,265,596,800 135,329,500 199,178,000
Loans and Investments.. 349,976.900
Chango from last week- + 4,134,900 + 6,145,800 —157,100 —238,200
46,076,000 103,321,500
Change from last week. —2,140,400 + 670,500
18,516,000
Currency and bank notes - 24,697,800
Chango from last week. —561,900 — 701,700
448,918,900 1,530,146,600 144,593,600 210,341,100
Change from last week. —3,368,500 + 9,043,400 —327,400 + 124,000
103,131,500 335,585,900 26,254,900 30,077,300
Chango from last week. —3,682,100 +4,348,400 —103,600 + 543,000
28.5%
20.9%
27.6%
17.5%
P. C. rcservo to deposlts.
28.5%
28.9%
20.9%
17.2%
Percentage last week . .
Increase over last week. — Decrease from last week.

Non-Member Banks and Trust Companies.

— F o llo w in g is th o ro p o rt m a d e to th o C lo a rin g -IIo u s e b y c lo a rin g n o n ­
m e m b e r in s titu tio n s w h ic h a ro n o t in c lu d o d in th o “ C le a rin g -H o u s e r e t u r n ” o n th o p re c e d in g page:
R E T U R N O F N O N -M E M B E R IN S T IT U T IO N S O F N E W Y O R K C L E A R IN G H O U S E .

Net
CLEARING
NON-MEMBERS. Capital. Profits. Loans,
Discounts,
Gold.
Invest­
Week Ending /Nat. .b’ks Juno 231 ments
etc.
July 24 1915. (State b’ks Juno 23/
Average. Average.
Members of
$
S
S
Fed’l Reserve Bank
151.600 1.996.000 92.000
Battery Park Nat— 200,000
682,700 4.686.000 103.000
First Nat., Brooklyn 300.000
649.600 4.933.000 186.000
National Clty.Bklyn 300.000 1,287,200
219.000
First Nat,. Jers. City 400.000 800,100 4.669.000
3.832.000 84.000
Hudson Co. N., J. C. 250.000
681,500 5.312.000 154.000
First Nat., Hoboken 220.000
4.131.000
55.000
Second Nat., Hobok. 125,000 334,100
Total...................... 1,795,000 4,586,800 29,559,000 893,000
State Banks.
Not Members of the
federal Reserve Bank. 100,000 360,600 1.951.000 126,000
Bank of Wash. Hgts.
600,000 477,800 8.107.000 405.000
731.700 7.334.000 327.000
Ooluiilctl Bank —————— 400.000
694.700 6.573.000 433.000
Columbia Bank----- 300.000
200.000
183.000 1.253.000 98,000
478.500 4.409.000 642.000
200,000
288,400 3.287.000 191.000
New Netherland___ 200,000
100,000
514.000 5.527.000 357.000
Mechanics’, Bklyn.. 1,600,000 727.500 16,743,000 811.000
North Side, Bklyn.. 200,000 186,900 2.983.000 201,000
Total...................... 3,900,000 4,643,100 58,167,000 3,591,000
Trust Companies.
Not Members of the
federal Reserve Bank. 500.000 1,040,300 6.404.000 425,000
HamUtonTrust, Bkln 200.000
275,100 3.911.000 92,000
Mechanics, Bayonne
Total..................... 700,000 1,315,400 10,315,000 517,000
5,001,000
Grand aggregate___ 6,395,000 10,545,300 98,041,000
—235,000 + 59,000
Comparison, prcvwk
Excess reserve.
98.276.000 4.942.000
Grand aggr’te Julyl7 6.395.000 10,545,300
Grand aggr’te JulylC 6.395.000 10.400.500 98.632.000 5.004.000
4.962.000
Grand aggr’te July a 6.395.000 10.460.500 98.642.000
Grand aggr’teJune2C 6.395.000 10.460.500 99.070.000 5.065.000
Grand aggr’teJunelO 6.395.000 10.460.500 99.643.000 5.116.000

Nat.Bank Nat.Bank federal Reserve
with
Notes (Re­ NoteslNot Reserve Legal
serve for
Legal
Deposi­
Notes[Not
as
Tenders. Stiver. State In­ Reserve
] Reserve] taries.
stitutions]
Average.
Average. Average. Average. Average. Average.
S
s
$
$
$
3
301,000
5.000
55.000 44.000
544,000
16,000 13.000
19.000 137.000
637.000
15.000 11.000 491.000
59.000 121.000 —
20.000
295,000 72.000
63.000 4.000 329.000
58.000
12.000
15.000 4.000 326.000
19.000 48.000
242.000
8.000
49.000 89.000
142,000 32,000 2,870,000
508,000 569,000
3.000 45.000
93.000 215.000
147,000 465.000
47.000 308.000
9.000 29.000
36.000 144.000
57.000 97.000
80.000 223.000
120,000 674.000
41,000 106.000
633,000 2,306,000
9,000 12,000
24,000 63,000
33,000 75,000
1,174,000 2,950,000
+ 12,000 -129,000
1,162,000 3.079.000
1,212,000 3.093.000
1.072.000 2.906.000
1.214.000 2.917.000
1.186.000 2.912.000

Philadelphia Banks.

— S u m m a ry o f w o o k ly to ta ls o f
C le a rin g -H o u s e b a n k s a n d t r u s t co m p a n ie s o f P h ila d e lp h ia :

We omit two ciphers (00) In all these figures.
Capital
Circula­ Clearings
Loans. Reserve. Deposits.
and
a
tion.
Surplus.
$
$
S
S
$
$
15............... 103.684,3 416,427,0 101,515,0 483,191,0 11,279,0 147,838,8
22............... 103,684,3 415,156,0 101,259,0 479,946,0 11,258,0 155,284,8
93,161,0 473,784,0 11,278,0 149,771,5
29............... 103,684,3 416,346,0
5............... 103,684,3 420,263,0 102,955,0 493,189,0 11,275,0 168,514,7
12............... 103,684,3 420,034,0 109,598,0 493,208.0 11,267,0 154.124,9
498,911,0 11,273,0 158,619,8
19............... 103,684,3 419,067,0 113,048,0 497.472,0
11,270,0 157,254,3
26........... 103.684.3 419,947,0 113,430,0
11,265,0 199,174,7
421,583,0 111,281,0 500,467,0
July 3.......... 103,684,3
11,241,0 130,789,2
421,239,0 113,026,0 496,280,0
July 10............... 103,684,3
168,838,0
103,684,3 422,884,0 114,109,0 506,446,0 11,264,0
July 17............... 103,684,3
424,533,0 114,811,0 503,808,0 11,252,0 152,015,6
July 24_______
a Includes Government deposits and tho Item "duo to other banks” (July 24,
$145,272,000); also “Exchanges for Clearing House” (July 24, $12,431,000). Duo
from banks July 24, $54,237,000.



23,000
232,000
131,000
105,000
9,000
46.000
41.000
84.000
258,000 175,000
43.000
841,000 306,000
28,000
43,000
71,000
912,000
+ 53,000
859,000
981,300
1.070.000
1.107.000
1.101.000

...........
448,000
-260,000
708.000
563.000
474.000
544.000
384.000

Excess
Due from
Reserve
Net
Deposi­ Demand
taries. Deposits.
Average. Average.
S
$
1,873,000
254,000 4,272,000
356,000 4,938,000
2,436,000 4,088,000
627.000 2.740.000
606.000 1.928.000
319,000 2.017.000
4,598,000 21,856,000

Natlona
Bank
Circu­
lation.
Average.
$
190,000
295,000
119.000
395.000
197.000
2.848.000 216.000
1.893.000 9V.000
4,835,000 1,517,000

Net
Time
Deposits.
Average.
$
94,000

91,000
75,000 1,518,000
816,000 6,768,000
9,000 406,000
465,000 610,000 7,745,000 1,708,000
416,000 332,000 6,943,000
56,000 170,000 927,000 200,000
263.000 1,546,000 4,384,000
191,000 238,000 3,199,000 301,000
4,000 354,000
184,000 5,902,000 185,000
1,095.000 1,048,000 18,257,000
225,000 355,000 2,996,000 58,000
1,000
3,562,000
5,374,000 58,639,000 2,513,000
13,000
228,000
79,000
10.000 307,000
55,000 0,739,000
—2,000 —35,000
57.000 6.774.000
54.000 6.718.000
43.000 7.212.000
37.000 6.743.000
43.000 6.693.000
1,000

9,000

1,907,000 4.563.000 1.074.000 ...........
397,000 1.582.000 2 .102.000
2,304,000 0,145,000 3,236,000
12,270,000 86,640.000 10,584,000 1,517,000
—79,000 —878,000 Samo
+ 3,000
12.355.000 87.518.000 10.584.000 1.514.000
13.016.000 87.926.000 10.591.000 1.481.000
12.064.000 86.789.000 11.018.000 1.511.000
10.794.000 87.483.000 10.929.000 1.505.000
11.412.000 88.166.000 10.486.000 1.507.000

Boston Clearing-House Banks.

— W o g iv e b o lo w a
s u m m a ry s h o w in g th o to ta ls f o r a ll th o ito m s in th o B o s to n
C le a rin g -H o u s e w e e k ly s ta te m e n t f o r a series o f w e o k s:

BOSTON CLEARING-HOUSE MEMBERS.
Change from
July 24 ’15. previous week. July 17 '15. July 10 ’15.
$9,085,000 Deo. $2,000 $9,087,000 $9,085,000
Circulation.......................... .. 250,812,000
Dec. 1,826,000 252,638,000 251,552,000
Loans, dlsc’ts A Investments- 190,832,000 Dec.
Individual deposits, lncl.U.S. 111,342,000 Dec. 6,541,000 197,373,000 187,389,000
309,000 111,651,000 107,093,000
7,996,000 Inc.
7,964,000 7,764,000
32.000 14,846,000
Timo deposits......................... 11,464,000
13,122,000
Exchanges for Clearing House 29,405,000 Dec. 3,382,000 31,426,000
Due from other banks_____ 24,657,000 Dec. 2 ,021,000 23,240,000 29,303,000
Cash reserve — ................... 9,323,000 Inc. 1,417,000 9,252,000 21,912,000
9,328,000
71,000
Reserve In Fed. Rcs’ve Bank 47,645,000 Inc.
Dec. 505,000 48,150,000 41,374,000
Reserve with other banks—
9,373,000 8,303,000
Reserve excess In bank____ 10,849,000 Inc. 1,476,000 34,283,000
Excess with reservo agent— 33,837,000 Dec. 440,000 2,318,000 27,765,000
Excess with Fed. Res’ve B’k. 2,419,000 Inc. 101,000
2,524,000

Imports and Exports for the Week.—See third page
preceding.

J uly 31 1915.]

353

THE CHRONICLE

I k riksts* (fejette,
30 1915.
T h e M o n e y M a rk e t a n d F in a n c ia l S it u a t io n .— T lio
h ig h ly s o n sa tio n a l a d va n e o in s o v o ra l m a n u fa c tu rin g s to ck s ,
w h ic h h as boon a p ro m in o n t fe a tu ro o f th o m a rlco t f o r som e
m o n th s p a s t, ca m o to a su d d e n h a lt la to o n T h u r s d a y . T h is
w a s im m e d ia te ly fo llo w e d b y a re a c tio n , in som o cases s u b ­
s ta n tia l b u t n o t v e r y g o n e ra l, a n d th o s tre n g th w h ic h d e v e l­
o p e d o v o r n ig h t a n d w a s in o vid o n ce to - d a y lo a ve s th o fu tu re
co u rso o f th o m a rk o t d e c id e d ly p ro b le m a tic a l. T lio r o a re
n d e e d fe w p re ce d e n ts , n o n e in re c e n t y e a rs , f o r th o p h e n o m ­
e n a l a d va n c e o f C ru c ib le S tool fro m 20 o n M a y 1st a n d 4 1 %
o n M o n d a y to 83 ju s t b e fo re th o b re a k o n T h u r s d a y ; o r fo r
th o s te a d y a d va n c e in B e th le h e m S teo l, w h ic h has r e a lly led
th o w h o lo m o v e m e n t, fro m 5 4 % o n M a r . 15th to 275 th is
w e o k ; o r f o r C u b a n A m . S u g a r fro m 42 to 1 19 % d u rin g th o
sam e p e rio d — a n d these a re o n ly illu s tra tio n s . I t is in te re s t­
in g to n o to, h o w e v e r, t h a t r a ilw a y s to ck s h a v e n o t boon a f­
fe cte d b y th is w ild s p e c u la tio n . W h a t e v e r ch a ngo s lia v o
o c c u rro d in th is g ro u p o f shares lia v o boon le g itim a te a n d
re a d ily a cco u n te d fo r.
W h ile a fo w peoplo h a v e b e e n in te re s te d in th o a b o vo th e
e n tire c o u n t ry h as boon d e e p ly a b so rb e d in w a r n o w s a n d th o
in te rn a tio n a l s itu a tio n , m a tte rs th o im p o rta n c e o f w h ic h
e v o r y o no is m o ro o r less a w a ro . T h o m o s t ro c o n t n e w s fro m
P o la n d m a ke s i t p ra c tic a lly s u ro t h a t th o w a r w ill bo p ro ­
lo n g e d b e yo n d re c o n t e xp e c ta tio n s a n d th o d ip lo m a tic re la ­
tio n s o xis tin g b e tw e e n th is c o u n t ry a n d G e rm a n y a ro seom in g ly as m u c h a t v a ria n c e as a t a n y tim e w it h in th o y o a r.
O n th o o tlio r h a n d th o d o m e stic s itu a tio n is m o s t e n c o u ra g ­
in g a n d h o p e fu l. R a ilw a y e a rn in g s a ro in som o cases, es­
p e c ia lly tho se o f th o S ou th o rn P a c ific f o r J u n o , s h o w in g a
de cid o d im p ro v e m e n t. T h e s e in cre a se d , g ro ss 8419,000,
n o t $586,000, w h ic h is a v o r y fa v o ra b le c o n tra s t w it h th o
fis c a l y o a r to J u n o 30 as a w h o lo a n d s h o w t h a t th o tid o has
tu rn e d . T h o s p rin g w h e a t h a rv e s t w ill soo n b e g in , w it h
o xco llo n t p ro sp e c ts, in th o s o u th o rn p a rt o f t h a t b e lt; th o
ra ilro a d s aro a lre a d y p ro p a rin g to m o v o b y f a r th o la rg e s t
c o rn c ro p o v e r h a rvo s te d ; ro p o rts fro m th o ir o n a n d steel
in d u s t r y s h o w t h a t in som o se ctio ns a t le a st th o o u tp u t is
o n a scale o f 8 7 % o f c a p a c ity a n d p ric e s a ro s to a d ily a d v a n c ­
in g . M o re o v e r, th e re is , as o v o r y ono k n o w s , a n a b u n d a n c e
o f m o n e y f o r a ll pu rp o so s.
T h o B a n k o f E n g la n d ’s w e o k ly re p o rt s h o w s , in p ro d ig ­
io u s fig u re s , th o re s u lt o f fin a n c in g th o n o w w a r lo a n . D e ­
p o s its, b o th G o v o rn m o n t a n d o th o r, in cre a se d e n o rm o u s ly
a n d w h ile th o g o ld h o ld in g s w o ro 87,500,000 la rg e r, th e
p e rco n ta go o f ro s o rvo w a s n e a r th o lo w e s t ro p o rto d d u rin g
th o y o a r— 16.77. T h o B a n k o f F ra n c o a g a in re p o rte d a la rg o
incroaso o f g o ld .
W all Street, Friday Night, July

5 s o f 1 9 5 0 h a v e a ls o b e e n n o t a b l y a c t iv e , a n d a d v a n c e d o v e r
2 p o i n t s , a p a r t o f w h i c h Avas l o s t i n t h e d r o p o f y e s t e r d a y .
B e t h le h e m S te e l 5 s a r e a ls o o v e r 2 p o in t s h ig h e r t h a n a t th e
c l o s e l a s t A veek.

U . S . S te e l 5 s a re n e a r ly a p o in t h ig h e r o n

lim it e d t r a n s a c tio n s .
I n s p ir a t io n C o p p e r c o n v . 6 s , 1 9 2 2 , a re
e x c e p t i o n a l in a n e t g a i n o f 4 p o i n t s .

U n i t e d S ta t e s B o n d s .—

cou p , a t 9 7 % an d 8500 3s co u p , at 1 0 0 % .
For to-day's prices
of all the different issues and fo r the week's range see third page
following.

R a i lr o a d a n d M is c e lla n e o u s S t o c k s .— A break AAdiich
took place yesterday in some of tho speculative stocks and
some results of the movement then halted aro mentioned
above. The sensational advance Avhich has been in progress
for months past continued in force up to that hour and the
break came Avithout Avarning. Tho drop which folloAved A\ras
in tAvo or three cases almost as sensational as the advance
had been, but opening prices this morning Avere generally
Avell above last night’s closing figures and a considerable list
including both railway and industrial issues, have recorded
a net gain for the day.
To-day’s market Avas, hoAvever, decidedly irregular and
changes in either direction have little or no significance.
O f th o r a ih v a y lis t s e v e ra l h a v e b e e n s tr o n g t h r o u g h o u t th e
A veek, i n c l u d i n g

C a n a d ia n

5%

H a v e n Avith 3 % , S o u t h e r n P a c i f i c a n d L e ­

p o in ts , N

cav

Sterling Actual

Sixty Dags.

Paris Bankers' Francs
Germany Bankers' Marks
Amsterdam Bankers’ Guilders

Cheques.

Cables.
14

'A

S ta t e a n d R a i l r o a d B o n d s .— Sales o f S ta te b o n d s a t th o
B o a rd in c lu d e 832,000 N e w Y o r k 4 % s a t 1 0 9 % to 1 09 % ;
81,000 N . Y . C a n a l 4 % s a t 1 0 9 % ; 83,000 N . Y . C a n a l 4 % s ,
1965, a t 1 04 % to 1 0 4 % ; 81,000 N . Y . C a n a l 4s, 1961, a t
1 0 1 % , a n d 838,000 V ir g in ia 6s, d e fe rre d t ru s t re c e ip ts a t
5 7 % to 59.
T h o m a rk e t fo r r a ilw a y a n d in d u s tria l b o n d s has been de­
c id e d ly m o ro a c tiv o , tra n s a c tio n s a t th o E x c h a n g o a v e ra g in g ,
since M o n d a y , w h e n t h e y w e ro m u c h loss, n e a rly 83,500,000
p o r d a y , p a r v a lu e . T h o to ta l w a s a u g m e n te d la r g e ly b y a
d e m a n d fo r W e s tin g h o u s e c o n v . 5s, w h e n issu ed . T h e s o
b o n d s lia v o been d e a lt in o n a n e n o rm o u s scale, a n d a d va n c e d
fro m 1 09 % o n T u e s d a y to 1 1 4 % t o - d a y . L a c k a w a n n a S tee



P a c ific

Avith a

not

a d va n ce

of

h i g h V a l l e y Avith 2 % , N o r t h e r n P a c i f i c Avitli 2 % , R o c k I s l a n d
Avith 2 % a n d o t h e r s Avith 2 p o i n t s m o r e o r le s s .
I n t h e m is c e l l a n e o u s l i s t C r u c i b l e S t e e l h a s c o v e r e d ,
A vitliin t h e A veek, a r a n g e o f 3 8 p o i n t s , Avith a n e t g a i n o f
2 4 , B e t h l e h e m S t e e l 7 4 , Avith n e t g a i n o f 5 6 ; B e t h l e h e m
S t e e l p r e f e r r e d 1 7 Avith n e t g a i n o f 6 % , B a ld A v in L o c o m o t i v e
1 0 Avith n e t g a i n o f le s s t h a n 5 .
A l l i s - C l i a l m e r s adAra n c e d
o v e r 9 p o in t s a n d c lo s e d n e a r t h o t o p , th e p r e fe r r e d m a k in g
a s im i l a r r e c o r d .
U n it e d S ta te s S te e l, s t r o n g o n in c r e a s e d
o r d e r s a n d o u t p u t , a d v a n c e d o v e r 5 p o in ts to 6 8 % a n d
c lo s e s a t 6 6 % .
For daily volume o f business see page 3 6 2 .

The folloAving sales have occurred this Aveek of sharos not
represented in our detailed list on the pagos Avhich folloAv:
Range for Week.
STOCKS.
Sales
for
Week ending July 30. Week.
Lowest.
Highest.

Adams Express— .........
American Express-------Am AVrltlng Paper pref.
Assets Healizatlon-----Case (J I) pref...............
Comstock Tunnel-------Detroit Edison----------Detroit United----------Duluth S S &Atl---------Havana Elec H L & P-Laclede Gas (St Louis).
Manhattan Shirt-------Pettibone-Mull 1st pref.
Philadelphia Co (Pitts).
Pittsburgh Steel pref...
F o r e i g n E x c h a n g e . — T h o m a rk o t has boon q u io t a n d in ­ Sloss-Sheff S A I pref..
Tobacco
Products pref..
c lin e d to easiness a ll w e o k , w it h o u t sp e cial fe a tu ro o th e rw is e . 'I'ol St I.AW
pref tr rects
United Dry Goods pref.
T o-d a y ’s (Friday’s) actual rates for sterling cxcliango woro 4 7 1@ 4 71 %
for sixty days, 4 7 6 % @ 4 76% fog^Jicnues and 4 7 6 % @ 4 70 13-16 for U S Reduction A Refg..
cables. Comm ercial on banks nonffnal and docum ents for paym ent Virginia Iron, Coal A C
Wells, Fargo A Co____
nominal. C otton for paym ent nominal and grain for paym ent nominal.
There were no rates posted for sterling by prominent bankers this week.
T o -d a y ’s (Friday’s) actual rates for Paris bankers’ francs were nominal
for ion*' and 5 71
fo r short. Germany bankers’ marks were nominal.
Amsterdam bankers’ guilders were 39% for short.
Exchange at Paris on London, 27.18 fr.; w eek s rango 26.87ha fr. high
and 27.18 fr. low .
,
Exchange at Berlin on London not Quotable.
Tiio range for foreign exchange for tho week follows:
—
4 76 %
4 77
H igh for tho week___ 4 71%
4 76%
4 76%
Low for tho week
4 71
—•
5 6,3
5 63
H igh for tho week___ ______
5 70
5 69%
Low for the week------------—
82
81%
H igh for tho week___ ______
81 7-16
81%
Low for tho w eek___ ______
—
40 1-16 plus 3-32 40 3-16 plus 1-16
High for tho w eek___ ______
Low for tho week__
4 0 % ____
40% plus 1-16
D om estic E x ch a n g e .— C hicago, 10c. per 81,000 discount. B oston, par,
St. Louis, par. San Francisco, 45c. per $1,000 premium. M ontreal.
$5 62% per $1,000 premium. M inneapolis, 40c. per $1,000 premium.
Cincinnati, par. N ew Orleans, com m ercial, 50c. per $1,000 discount and
bankers $1 premium.

S a le s o f G o v e r n m e n t b o n d s a t

th e B o a r d in c lu d e 8 1 ,0 0 0 P a n a m a 3 s c o u p , a t 1 0 2 , 8 1 ,0 0 0 2 s

100 93 July 28 93 July 28
300 89 July 20 90 July 27
700 5% July 27 6 July 28
200 5 July 28 5% July 27
50 79 July 28 79 July 28
3,700 9c. July 28 10c. July 20
20 114 July 29 114
29
100 58% July 29 58% July
July 29
150 2 July 28 2 July 28
120 82 July 30 82 July 30
100 100 July 28 100 July 28
100 51 July 20 51 July 20
100 90 July 27 90 July 27
2,250 75 July 20 77 July 24
400 85 July 20 89% July 28
189 85% July 29 85% July 29
44C 98 July 28 99 July 20
1,100 6 July 20 0 July 28
100 58 July 27 58 July 27
300 2 July 29 2% July 20
7,000 43 July 28 49% July 29
300 90 July 24 98% July 28

Range since Jan. 1.
Lowest. Highest.

80 Jan 90 Apr
83 Feb 97 Apr
5 July 15 Apr
5
Jan 9 Apr
74% June 83% Apr
7c. May 21c. June
Feb 115% Mar
111%
52% Apr 01 Apr
2 July 5 Jan
71 Mar 82 July
92% Jan 100 Apr
50 Jan 09% Apr
83 May 90 July
71 Apr 81% July
74 May 89% July
85 May 90 July
95 May 102% Apr
0 July 7% June
48% Jan 66% Apr
Apr 10% June
301% June 49% July
77% Jan 100 Apr

O u t s id e M a r k e t . — T h o h e a v y b u l l s p e c u l a t i o n n o w g o i n g
o n i n t h o A\ra r s p e c i a l t i e s h a s o v e r s h a d o A v e d a l l o t h e r b u s in e s s
o n t h e “ c u r b ” t h is A veek, a n d h a s r e s u l t e d in d e c i d e d l y
e r r a t i c p r i c e m o v e m e n t s , Avith a n u p t u r n t o p r i c e s A vhich in
s o m e is s u e s h a s b e e n s e n s a t i o n a l .
B y f a r t h e l a r g e s t r is e Avas
r e c o r d e d b y E l e c t r i c B o a t c o m . w h i c h a t 4 3 0 sh oA vod a n a d ­
v a n c e o f 1 65 p o in t s f r o m la s t F r i d a y ’ s c lo s e .
T h e r e a c tio n
Avas e q u a l l y r e m a r k a b l e , t h o l o s s b e i n g 1 1 0 p o i n t s t o 3 2 0 .
T h e r e a ft e r it m o v e d u p w a r d , r e s t in g fin a lly a t 3 5 8 .
The
p r o f, fr o m 2 5 4 r e a c h e d 3 8 0 a n d c lo s e d t o -d a y a t 3 5 5 .
The
n o w p r e f . t o b o i s s u e d u n d e r t h o r e p o r t e d p l a n Avas t r a d e d in
d o w n fr m 4 0 t o 3 4 % a n d u p t o 3 8 % fin a lly .
C a n a d ia n C a r
& F o u n d r y c o m . a d v a n ce d fro m 91 to 112, d ro p p e d to 8 5
a n d en d s th e w eek a t 9 3 .
T h e p r e f. s o ld u p f r o m 1 04 t o
118 a n d r e a c t e d fin a lly t o 1 1 2 .
C a r L i g h t i n g & P o w e r m oA re d
u p f r o m 8 % t o 1 3 % , f e ll b a c k t o 8 % a n d f i n i s h e d t o - d a y a t
9% .
C e n t r a l F o u n d r y s t o c k s Avere a c t i v e , t h e c o m . i m p r o v ­
i n g 3 p o i n t s t o 1 6 , t h e n d e c l i n i n g t o 1 2 % , Avith t h e c l o s e t o ­
day at 1 3% .
T h e p r e f. m o v e d u p a b o u t 6 p o in ts t o 2 9 a n d
rea cted to 2 5.
C r a m p S h i p b u i l d i n g Avas p r o m i n e n t , a d v a n ­
c i n g a b o u t 8 p o i n t s t o 7 3 % ; t h o c l o s e t o - d a y Avas a t 7 1 .
K e lly -S p r in g fie ld T ir e c o m ., a ft e r e a r ly im p r o v e m e n t fr o m
1 6 6 t o 1 6 8 , b r o k e t o 1 6 0 a n d e n d s t h o Aveek a t 1 6 2 .
S ta n d a rd
M o t o r s , f r o m 1 3 % , s o l d a s Ioav a s 1 2 a n d a s h i g h a s 1 6 % , b u t
c lo s e d t o -d a y b a c k t o 1 3 % .
A m e r . Z in c , L e a d & S m e lt .,
a ft e r e a r ly lo s s o f 1 % p o in t s t o 5 4 % , s o ld u p t o 5 7 % a n d
e n d s t h e Aveek a t 5 5 .
O ils Avere n e g l e c t e d .
S t a n d a r d O il
o f N . Y . g a in e d a b o u t 6 % p o in t s t o 189 a n d r e a c t e d t o 1 8 4 .
A c t i v i t y i n m i n i n g s t o c k s Avas o n l y f a i r , t h o u g h p r i c e s Avere
fir m e r a t th e c lo s e .
B o n d s Avere d u l l .
K e n n e co tt C o p p e r 6s
l o s t a b o u t 2 p o i n t s t o 1 1 5 % a n d w e r e t r a d e d i n t o - d a y a t 116.
^ O u t s i d o q u o t a t i o n s w ill b e f o u n d o n p a g e 362.

354:

New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAOES.
For record of aales during the week of stocks usually inactive, see preceding page.

STOCKS—HIGHEST AND LOWEST SALE PRICES.
Salei
the oI
Ionday
Tuesday
Wednesday
Saturday
Thursday
Friday
Week
July 24 July 26 July 27 July 28 July 29 July 30 Shores

STOCKS
NEW YORK STOCK

EXCHANGE

Range Since Jan. 1.
Om batit of 100 share loll.
Lowest
Highest.

Range
for1914.
Pniious
Year
Iligheii.

Railroads
10Us 10U8 100*1 101 100*i 102*2 101*8 102*4 101*4 102*8 xlOO 101 24,036 Atchison Topeka & Santa Fe_ 92% Feb 24 105 Apr 19 8912 July
97*i 97*i 97*i 97*i 98 98*8 *97 100 9 7 <8 977g 775 Do pref_________ ______ 96 Jan 5 101% Junel7 z96% Dee
97%
97*8
100 IOO1.1 99 99 9918 100 *99 100*4 99*4 99*4 100 100*4 1,495 Atlantic Coast I-tno RR____ 98 Mar 1 113*2 Apr 30 §99% Dec
Feb 25 S2*4 July28 87 Dec
79-% 78 79*8 78*2 82 81*t 82*4 8 U4 S2*- z79% 80% 54,050 Baltimore & Ohio............. ........ 63*4
78*8 7212
Feb 23 73*2 July27 69 Dec
*71*8
71*3 71*i 71*8 73*2 72*2 73 72 72*2 z70 70*4 3,768 Do pref____ ___________ 67
86 86 85
85*i 86 87 86*s 87 84 86*8 84*8 85% 11,800 Brooklyn Rapid Transit____ 84 July29 93 Apr 21 79 July
139% 1401.1 138*2 139*8 139l2 145 1447S 147*8 142*2 145*2 143*8 146 51,000 Canadian Pacific____________ 138 July23 174 Apr 19 153 Dec
*240 300 *240 300
*250 300 275 275 *250 325 *250 320
150 Central of New Jersey............. 275 July28 325 Jau 22 300 July
3913 301S 38*4 39
July 9 49% Apr 19 40 Dec
40*4 4112 40*8 4078 40*4 41*4 6,800 Chesapeake & Ohio________ 35j8
*10% 11'4 *10<2 1U2 38*2
11 40*8
12 11*8 12 11*8 117s 2,000 Chicago Great Western_____ 10*4 Jan 4 14% Apr 19 9% July
1U2
11*2
2713 2712 2712 28
l ,865 Do pref_______ ______
25*2 M ayil 36% Apr 19 25 July
27l8 29 29*2 29*2 29*2 2912 29 29 42,200
791.1 79*8 77*| 79*s 78*8 84% 8212 84*2 80 83*4 79*4 82
Chicago Milwaukee & St Paul 77*4 July-26 98*4 Apr 19 84*4 Dec
*124 125
124 124 124 125 125 125
125 *125 125*2 1,100 Do pref__________ _____ 122 July £ 130 Jan 22 126 Dec
*120 123 121 1211S 122 123 123 1237« 124*4
123 123*2 123 123*4 2,100 Chicago & North Western__ 118*2 July 10 132 Apr 15 122 Dec
163 July £ {175 Jan 30 170 Jan
*160 170
*160 170 *160 170 *160 170 *130 150
11% 12 10*4 11*2 11*1 12*1 12 12*8 11*8 12*8 12*8 14*4 31.800 Chicago Rock Island & Pacific 10*2 July23 38% Apr 15 33 June
*113 125 *113
125 *110 125 *113 125 *113 135 *115 120
Chicago St Paul Minn & Om.. {114 Apr 8 115 July 9 125 May
*128 150 126 126 *125 150 130 130 131 131 *130 150
300 Do prof________________ 126 July26 131 July29 132 May
521 Jan 1* 31*- Apr 19 22 July
*30 36 *30 36 *30 37 *30 37 **30 36
"53*8 Feb 17
70
*55 65 *55 70 *55 65
65
40 July
*24 28 *24 28 *2412 28 *25 28 *25 28 *23 28
20 Mar
24 Mar 15
377s July
*45 49 *45 49 *45 46 *45 49 *45 49 *45 49
54*4 Apr 5
42
42
*37
42
*37
42
*37
*37
29 Dec
*37 40 *37
42
100
37
Jan
18
49%
Apr
3
Do
2d
pref...........................
145 145*3 146 146 146 146 14578 14578 900 Delaware & Hudson________ 142 Jan 1 153 Apr 19 138*4 Dec
*142 145 _
429*4 Apr 10 388 Jan
*400 422 *400 42210 *400 422 *400 422*2 *400 422
*4
*2
4 July
6
5
*4
*3
*4 6 *4 6
6
*7 9
7*1 7*1 7*i 8
77S 778 7*4 7*4 1,000 Do pref................................ 0*2Jan 7 18% Apr 19 8 July
8 8
197g Feb 24 30 Apr 19 20% July
25M 2512 24*i 25*8 25*, 26*8 26*8 27 25% 26*8 26*8 26%
38,120
.............................
Erie.................
38*8 39*i 38*1
38*4 41*8 40*2 41*8 40 41*s 40*2 41*2 13,600 Do 1st prof_____________ 32*4 Feb 24 46% Apr 19 32 July
*31 3212 31 38*8
31 31*2 32 32 33 32 32 33 33*8 1,600 Do
2d pref______________ 27 Feb 25 37*4 Apr 19 26*4 July
116 116 115 116*8 115*1 118*8 117*8 118*4 117*4 118 117 118 8.325 Great
Northern pref________ 112*4 Jan 2 122*4 Apr 19 111*8 Dec
37*8 37 3712 37*8 39*8 39*4 43*8 40 43 176,765 Iron Ore properties_______ 25*4 Jan 2 43% July29 22% July
36*8 3714 36 102
101*4 103 103 103 ■’>8 102*2 102-8 *101*2
100*8 100*8 102
1,200 Illinois Central......................... 99 July 7 113 Apr 19 10312 Dec
19 19 20*8 21*1 20*8 2U2 21 21*8 20 20% 20*2 103*2
21*4 7,820 Interborough Consol Corp.vtc 1S78 July 10 21*4 July.30
*71 7112 7012 72 72 72*2 72*4 Y2'8 73 73*2 73*2 75 8,600 Do prof________________ 70 July 10 76*2 June24
19 19 Is 19 211-1 20*i 21*8 20*4 21*8 19*4 21*8 20*i 21*i 29,200 Interboro-Metropolltan v t ctf 10% Jan 16 24*4 Apr 29 10*4 July
73 73 73 73 74 74 73 73
75 75*4 2.000 Do pref................... ............ 49 Jan 18 777s June22 50 Dec
23 23 22*8 22*8 23% 241S 23*8 247S 2378 24 23*2 24*4 3,900 Kansas
Southern______ 20% Feb 24 29% May 6 20% July
*55l2 58 *55*2 58 55*2 55l2 56 57*2 *50 56 55*i 55*4 800 Do City
pref________________ S478 Feb 24 60*- Apr 20 49% Dec
*5 9 *6 9 *6 9 *6 9
*5*4 9
6
100
5 Jan 5 9% Apr 21 5>8 July
6
Bake
Erie
&
Western_______
*16 21 *17 21 *17 21 *17 21 *17 21 *17 21
19 May 27 23% Apr 22 17 Apr
141 141*8 139% 140*8 141 143*.t 142 144*4 142 143 143*4 144 7,900 I-ehlgh Valley............................ 129*4 Feb 24 146% Apr 19 118 July
*25
35
*30 35 *30 35
30 30 *30 35 *32 35
1,000
Island..................... ........ 30 Jan 11 39 Jan 20 28 Jan
*105*i 108!2 107 107 108 110 110*2 1117, 110 112 *109 112 1,220 Bong
Boulsvllle & Nashvlllo.-......... 104*2 July S 125*2 Apr 20 125 Dec
*125 127 *125 128 *125 127 *125*4 127 *125 127 *125 128
12!) Apr 23 128 Jan
*12U 16 *12*8 1412 13 13 14*2 15 *14 1512 *13*2 15% 450 Minneapolis & St Louis........... 10% Jan 11 19% Feb 15 9% July
*25 40 *27 40 *25 40 *30 40 * *30 40 *__
§34 34
50
25
Jan
18
49 Feb 15 27*2 June
Do
pref...............................
__
*110 113*2 111*4 116 117*4 118
118
119*4
Minn St P & S S Marie........... 106 Jan 4 122% Apr 19 101 Dec
__ 1,200
*121 127 *120 127 *120 127 127 127 *
127
100 Do pref________________ 123 June 8 132 Apr 19 130 June
5 5*1 5 5*8 5 6
5*2 6*4 4,825 Missouri Kansas & Texas___
5 July 16 15*4 Apr 19
5*4 15*4
Deo
*155*4 157g
15*4 16 16 15*2 15*2 5*4 5*4 16 16
500 Do pref-_....................... .. 13*4 July 19 40 Apr 5 268'8 Dec
214
2*2
2
2
2*1
15,200
1*4
July27
214
2*8
4*4
178
Missouri
Pacific.....................
7 Dec
18*4
Apr
19
2*8
178
2*8
*___ 18 *__ 18
18
23
23 *
18
Nat Rys of Mexico 1st pref__ 19 May 12 23 Jan 5
*4% 5 *4*i 5*2 *4*.i 5
200 Do 2d pref______________ 4*4 July2S 7*2 June 4 305 Jan
4*4
Dec
*4*4 6 *4 895 20,204
86 86 I4 8412 86 86 88*4 88 894*4 8712
88
N Y Central A Hudson River 81% Mar 1 92*4 Jan 22 77 July
88*2
*5713 58% 57*1 58 58 61 61*4 6312 60*4 62*2 60 62*2 10,200 N Y N II A Hartford-.......... 43 Feb 25 71*4 Apr 21 49*8 July
26 26 26 26 26 27*4 27*4 28*2 27*4
26*i 28 3,650 Y Ontario A Western____ 21*4 Jan G 35 Apr 20 18*4 Dec
104 104 101 105 105*i 106 106 106*2 *105 27*4 105*8 105*8 4,000 NNorfolk
A Western................. 90*2 Jan 4 106*8 Apr 19 9612 DOC
*82 85 *80 85 *80 89 *80 85 *80 106*2
85 *80 85
90 Junel5 85 Jan
Do adjustment preferred- 85 Jan 27 112%
*104 101% 103*8 104*4 103*2 107*i 106*4 107*4 105*4 107*8 106*3 107% 14,900 Northern
Apr 19 96*8 Dec
Pacific____________ 99*8 Feb 24
108
14,904
IO6 I2 106*« 106*i 106*8 _*___
106 107 *__
108*2
111%
Apr 21 10212 Dec
108
107*i
108
103%
Feb
24
107*2
Pennsylvania..............................
69 *__
69
72 Jan IS 64is July
69 *
69
687S **
69
Plttsb
CIn
Chic
A St Louts__
65
May
17
*
*
91
98*2 June 5 95 June
91
91
91
91
91
146ia 1471.1 145*8 147 4:144*4 147*4 146*2 148 146*4 147*8 146*4 149*4 89,700 Raiding...................................... 138*4 MaylO 157% Apr 19 137 July
*81 82% *79 82*2 *79 86% ♦ 80 82*2 *80 82*2 82*8 82% 100 1st preferred................... ...... 82*8 July30 90 Juncl2 87 July
84 *80*2 84
200 2d preferred_____________ 80 Feb 23 86% Apr 19 18O Deo
*S0l2 82 *S0 81*2 *S012 81*2 81*2 81*2 *80*2
*8 *'s
*8 Dec
*'s *8
*8 *lp *3
*14
*j June21 2*2 Apr 9
1 Dec
*1.1 lo *14 *2 **l
*‘4
*'4
2 Apr
4*2 900 St Louis A San Francisco___
1*1 Mar22 7*i June20
*4U 4i2 4 4*i 4*2 4*8 *4*4 5 * *4*4 5 ___4*2 ___
11
11
500
*S 10% 9i2 9l2 9 10
8*8 July 5 12*2 Junc28 8 May
1st preferred________
6 ♦__5*4 5U ___ ___ 1,300 Do
2% Dec
3 Jan IS 8 Mar31
*514 5% *5*4 5*4
5*2 14584 *5*4
Do 2d preferred________
*__
*___
14*?
14
14
14
14
100
*11
14*2
13*2
July22 19 Apr 23 177g JulySt
Louis
Southwestern______
*
37 *
37 *
37 *
37
36 July
34
37 ♦
29*4
Juiy24
37
Jan
21
12 11*2 11*8 13 13 13 13 12 13 1,650
1114 11*8 *11
Air Line................... ll*i Jan 4 17 Apr 21 10<4 Dec
29*1
30 31 31 30 32 31*2 33 32*2 32*8 32 33 3,935 Seaboard
Do pref............................... 30*4 July24 42 Apr 10 45*4 Jan
80 87 86 8/°8 80*4 87*4 50,740 Southern
Dec
8518
84is 85ls 83*4
Pacific Co................. 81*4 Feb 6 95 Apr 21 81
98*4 9S?8 83*4 86*2
9278 Dec
14 13*8 13*4 13,350 Southern Railway__________ 12*2 July23 19% Apr 9 14 Deo
13*2 45
12*8 131.1 13*i 1312 12*4 14 13*2 14*4 45
45 45 2.600 Do prof-............................. 42 July23 63 Jan 26 58 Dec
43% 43*8 45 45*8 43*4 45 44*2 46
9 9
9*2 10*4 2,020
9*8 9*4 10 10
8l2 9
8*2 9
17*8 Apr 19 11% Dec
8*2 July23
A Pacific.........................
52 50*4 5112 50*4 517S 50*4 51*2 50*4 51 5,200 Texas
5011 50l2 50 ___
Third Avenue (N Y)_______ 35 Jan 2 58 Apr 15 33 July
*ll2 3 *1*2 3 *1 3 *1 3
1
Jan
6
*n2 3
2% Mar31
2 Dec
Toledo
St
Louis
A Western__
*5*2 9 *5*2 9 *5*4 10 *5*2 9
*6 9%
23 4*4 Dec
90*s 90*4 590 Twin City Rapid Transit___ 90 July 9 1009-%Jan
*90 93 *90 92 90's 90*4 90*4 90*4 *90 91 12773
947g July
Apr
19
129% 91,100
126D 1273S 124l2 127 125*4 129*2 128*2 130 128 129*8
Pacific_______________ 115*4 Jan 2 131% Apr 19 112 July
♦ SOti 81 80i2 81 80*3 80'8 ♦ 80*2 81 *80*2 81 80*2 80*2 825 Union
Do pref............................... n o Mar 1 82 Junel2 77‘s Dec
17*2 1.500 United
18*4 19 18*j 18*2 18 19 18*2 19 18*2 18*2 17*2 35
Railways Invetments. 8 Jan 5 21% July20
7>2 Dec
Marl5 10*4 Apr 26 22 July* 36 301114 35 35*2*1 35's 37*2*1 35t2 3612*4 *35 38>4 * 34*2 *4 2,700 Do pref............................... 21*4*s May'26
2*i Apr 30
12 July
1.
*4 22*% 22 *4 24*'s 24 2434 *4 25*'8 251-1
1*4 Dec
*22
24
500 Western Maryland____ _____ 9*4 Jan 4 26% Abr 13 10*4 Dec
24*4 *12
1
J2 *4
**4 1
*2 h *2 3 78 500 Wheeling A Lake Erie______
i2 July2S 3*4 Jan 18 2i2 July
**4
*2
2*4 2*2
4
578 *3**4 5
3 3
*3
500 Do 1st preferred________
2*i July28 16 Jan 18 Sh July
**1
114
**1 1*4 **4 U4 **S 1*4 *78 i*4 **4 1 *4
3 Dec
400 Wisconsin Central_________ 28 Julyl4 3978 Jan 21 29*4 July
*28 30 28 28 *28 30 28*2 29*2 30 30 *29 31
& M iscellaneous
33*4 34*i 33i2 34*4 32% 34 10,300 dIndustrial
10*2 Apr 22 $1912 July
Alaska Gold Mining.Par S10 $2G*s Jan 7 S32%
33% 33*i 321a 3312 32*4 33*4 23*8
30 3212 235,609 Allls-Chalmers
J*lly29 6 July
32*8
26*4
27*4
23*8 2412 2012 25lg 24 24*8
Mfg v t c___ 7*4 Jan 12
6311 64*5 64 67 66*4 68'i 65*4 68*2 68*4 71*8 68*2 72 43,450 Do preferred v t c............. 33 Feb 10 72 July30 32% July
7l*s 7212 71*4 73*4 ___ ___ 36,300 Amalgamated Copper............ 50% Feb 24 79*2 Apr 22 48*4 Dec
71*s 72 U 70 7U2 69*t 7Ut
*49 5U2 *49 52 51 51 49*8 51 51*8 52 53 56 3,400 American Agricultural Chcm. 48 Jan 4 5978 May 5 47*4 Jan
*93 95 *93 94*2 *92 91*2 *92 94*2 *92 94*2 *92 94*2
OH June 4 00'4 Dec
5U2 5234 48*2 53*i 52*2 55*8 55 57 55*s 577s 55*2 57% 88,500 American Beet Sugar............... 33*4 Jan 6 5778 July28 19 July
85 85 *83 89 *83 85 *83 90 *83 88 *83 88
100 Do pref_______ ________ 83 Feb 1 86*4 Mar22 68 May
*100 tot
*100 105 too 100 10014 100U
200
80 Apr
160 ' 160
*159 163
100
*165 166 *160 165
165 July 16 129ij Jan
GDs
July-27
lOix July
5714 5912 55% 61*8 59*2 61*8 58*4 61*3 5878 61*4 57% 60*i 328,060 American Can......................... .
25
Feb
24
105 105 101*i 105 10-1*8 105 105*2 100*4 106 106*2 106 100*2 4,300 Do pref__________ _____ 91%Jan 5 100*; July29 80 July56% 57 55 6684 56*8 57*8 56*8 57*2 56*2 59*2 56*4 58*s 25,550 American Car A Foundry___ 40 Feb 23 59*2 July29 4214 Deo
*115
110*4
116 Apr 30 112 July
+11312 11634 *113 116*4 *113l2 116*4 *113*4 116*4 145*4
149*4 148 1547* 17,225 American Coal Products____
142 145 134 148 143% 149 145 148
170*2 July-12 {82 Jan
200 Do pref............................... §105 Jau 7 118*4 Julyl2 §102
*116 118 *116 118 *116 118 *116 118 118 118 *117 121
Jan
49*2 48*4 49*2 0,200 American Cotton Oil..............
*46 47 46 47 47 47*4 *46 48 46*4
54*8 Apr 26 32 July
100 Do pref............................... 91 Juno 25 98 Apr 22 93*8
*8912 94 *8912 946*4 *89*2 94 *92 95 94 947% *92 90
June*612 6*4 *fll2 31 346*8 35%
6*8 6*4 7*2 357*8 36U 357*4 7*4 10,300 American Hide A Leather___ 4% Feb 19 8 Apr 19 3 14 July
35 35'%
35*4 7.825 Do pref________________ 19*4 Jan 5 42% Apr 19 17 July
33*s 33*i 33*8 23*8
22*8 25 24*2 25*8 25 25*2 25 25 7,100 American
23
*2313 24
Securities...........
35 Apr 30
July
10*4 12*4 12*3 13 8,710 American Ice
10*8
10*4
912 9*4 10
10*2
10*8
10*8
Linseed..................... 7%Jan 2 14 Apr 19 197S
712 July29
31
___ *27 30 *27 30
29*2 29*2 900 Do pref________________
*2612 29
24
Jan
5
3-1*4
Apr
16
24 Dec
52 531s 4.3 53 52 53*2 52*s 52*8 52*2 60 53% 57 111,020 American Locomotive______ 19 Mar 2 68 Apr 16 20'4 July*93 96 *94 96 94*8 94*8 *93 96 *94 97534 96 96
200 Do pref...............................
Mar 6 100*8 Apr 16 96 Jan
5*4
*5l£ 6
*5 6 *5 6 *5 6 *51i 6
200 American Malt Corporation.. 753% Apr
14 6% Apr 23 4U Dec
*25 28 25 25 *22 25 *22 26 *22 26 *22 26
100 Do pref_________ ______ 21% May27
32% Mnr31 30 Deo
*79 81 *79*4 80*4 *80 81 *80 81 80 80 *79*2 80*2 250 Amor Smelters Sec pref B ___ 78
Jan
19 83% May 5 79% Ju»v
76*8 77*8 78*8 79*8 78*2 79?8 78*2 79*2 19,800 Amer Smelting A Refining__
7712 78*8 76 78 ♦ 106
July
*107 108 * 106*2 108
108 108*8 10S*s 107*2 107*2 108 108
300 Do pref________________ 100 Jan 4 108*8 May 6 soil
9712 Apr
*145 155 *145 155 *145 150*2 *110 150*2 *140 150*2 *145 150*2
148 Dec
*103 108
*103 108 *103 108 *103 108 *103 108 *103 108
Do pref (new ).................
Jan 19 100% Apr 26 9978 Jan
39 39*4 39 40 40 41*j 40*2 42 42*t 45 43 45 16.550 Amer Steel Foundry (new).. 103
July
24*8 Mar 5 45 July29 27*2
108 108 3,800 American Sugar Refining___ 99%
108*4 109 *112
109*8 109*8 ___
*10812 109*8 107% 10Sl2 108 110*8
97 Mar
Feb 24 114*4 Apr 23 1077g
___
114
112 114
*112 114 113*4 113*4 {111 114 ♦ 1217s
225
Do
pref...............................
Mar
109
Feb
6
122 12178 122 1217s 122% 2,100 Amer Telephone A Telegraph Utf Jan 4
*121 1211.1 121*i 12158 121*2 121*2
114 July*225 228 225 225 *220 227 *220 226 223 223 *220 226
500
American
Tobacco...................
215 Apr
252%
Apr
22
z218
M
ayil
*105 106*i *106 106*4 300 Preferred (new)__________ 103U Jan 4 109 " May 0 101*4 Jan
10612 10612 106*8 106*8 *10513 106*2 106 106
*22
25 22 22 ♦ 20 24 22% 22*2 24 25 *25 28
700
Woolen..................... 15*4 Mar 6 32*4 Mav 3 12 July
*83 86 — — ♦ 83 85 *80 86 8312 8-U1 S3 83% 400 American
Do pref............................... 77*4
Feb 27 90*2 JunolO 72l2 Mar

e

x

s

* Bid and asked prices; no sales on this day.
t Ex-rlghts. § Less than 100 shares.
Full paid
dollars per share,
Mrst Installment paid,
Ex- dividend,




a Ex-div. and rights.

b New stock,

c Certificates of deposit,

16*8
65*3 J me
28% J 1 y
62 J » j
9 J-»4
21*2 Jan
156% Ja 1
36 Fe ->
141% Jan
133 Feb
16U Jan
3512 Jan
137 Feb
145 Feb
24 Jan
60 Jan
30 Jan
34 Feb
14 Jan
96*8 Jaa
78 Jan
31*8 Jan
1057s Jii1*
90 Apr
118'2 Feb
11512 Jan
91 Feb
101 Mar
172U Jan
80*8 Juno
93 Jan
16*8 Jan
25 Jan
5% Jan
1712 Jan
9*4 Jan
26*4 Jan
65is Jan
22*8 Feb
58 Feb
99!2 Jan
lOO'r Jun
2814 Feb
85U Feb
17*4 Apr
45*4 Jan
12U Jan
23 Jan
108% Jan
164*8 Jan
86 Feb
23*4 Feb
49U M ar
4*8 Jan
13 Jan
35 Jan
6*s Jan
21 Jan
11 Jan
48 Feb
J287S May
14% Feb
40 Jan
78i8 Feb
591* M at
97't Jan
33is Deo
80 Deo
97*2 Fob
140*8 Feb
35*8 Jan
96 Jan
53>2 Feb
118*8 July
{S 8 I2 Mar
107 July
46% Feb
97*8 Mar
5U Feb
25*4 Feb
32*4 Feb
11*8 Jan
31*4 Jan
3714 Jan
102i2 Mar
914 Jan
5018 Jan
85 Jan
71is Feb
105 Jan
172 Jan
106*4 July
3712 Feb
109*8 Jan
115 Dec
124U Jan
256 Ma
109 Jun
20*8 Jan
83 Jan
Quoted

d

New York Stock Record—Concluded—Page 2

355

For record of sales during the week of stocks usually inactive, see second pa ;e preceding.

Sate*
STOCKS—HIGHEST AND LOWEST SALE PRICES.
the ol
Week
Friday
Wednesday Thursday
I Tuesday
Saturday Monday
July 24 July 26 | July 27 July 28 July 29 July 30

STOCKS
NEW YORK STOCK
EXCHANGE

{Con) c
..Par

d
d

Range Since Jan. 1.
On bast* of 100 share ioU.
Highest.

Industrial &M isc.
S30 12434 Feb 24 c $3538 July2l
68% 69% 32,412 Anaconda Copper
68
6S% 05% 07% 65% 67% 67% 68% 07% 70
Baldwin Locomotive________
263* Mar 3 85 July27
8234 84% 80% 84% 79% 82% 2
85
82% 83
77% 78% 75
92 M ar 9 105% July27
104 101% 104% 104% 1,100 Do pref------------------------105 105% 105 105
103% 103% ►101 107
$% Feb 5 52 Apr 17
500
Batopilas
M
ining...Tar
S20
*1%
13*
1%
1%
1%
1% 1%
1% *1%
1% 1% *1%
40% Jan 2 275 July29
50,175 Bethlehem Steel____ _______
255 269
260 275
251 209
202 209% 207 222% 224 250
91 Jan 2 112 July 27
5,200' Do pref..............................
130 133
133 135
138 139
137 142
125 125
126 139
150 Brooklyn Union Gas-------------- 1IS Jan 5 132% Apr 30
120% 120%
♦125 130 *125 130 ►125 130 ►125 130 ►125 130
10.100 dButtOiS: Superior Cop.
310 $59h May 15 $79% June 4
70% 66% 68
69% 70% 68
69
70
70
70% 09
70
8 July 20 21% Feb 8
4,200
California Petroleum v t ctfs.
10
10%
10%
10%
10
10
9%
9%
9% 10
S
9%
30 July23 54% Feb 8
500
Do
pref-----------------------*29
32
30
30
*29
32
*30
36
30
30
*29% 31
29.100 Central Leather......................
3238 Feb 20 44% Apr 19
42% 41% 42% 415* 423* 41% 43% 4 is* 43
42
42% 41
500 Do pref------------------------- 100%Jan 7 101% July 19
103% 104
104 104
104 104
*103 104
103% 103% *103 104
4934 Apr 20
32% Jan
S5
44% 44% 44% 44% 43% 44% 44% 45% 44% 463* 45% 4638 21.350 Chino Copper............
43% July29
21% Jan
42 141,800 Colorado Fuel & Iron............
433* 39
30
40% 40
34% 34% 33% 36% 35% 37
131%
Apr 30
II
334
Jan
4,315
Consolidated
Gas
(N
Y
)------120
128%
126%
127
*120% 128
125% 120 *126 127% 127% 129%
7834 July29
16.000 Continental Can............ .........
40% Jah
77
74% 78% 75
66
77
67
*66
6912 00
60% *64
101 July 29
525 Do pref............ .................
88% Jan
*99 100% *90 100% *99 100% 1003* 100% 101 101 §101 101
17 June 4
8 Jan
16% 38,275 Corn Products Refining--------14% 14% 14% 14% 14% 14% 143* 14% 14% 15%
81 Apr 19
65 Jan
79% 79% 80% 80% 80% 1,525 Do pref------------------------*78
80
79% 79% *78
78
79
18% MaylO 83 Ju!y29
68% 70% 577,110 Crucible Steel of America----83
45% 47% 41% 47% 47
51% 51% 05% 06
84 MaylO 100 July30
18,530 Do pref.............. ..............
90% 97% 97
98% 9.3% 100% 99 105% 104 105% 105 100
38 Jan 25 125 July22
115 115% 115 115% 113% 113% 5,050 Cuban-American Sugar..........
112% 119% 112% 113
US 119
93 M arl7 105 July23
500
Do
pref________________
*104
104%
*102%
104%
103% 103%
104% 105
103 103
______Deere
&
Co
pref..................
—
80 Apr 8 92 Julyl3
*90
90
*85" 96
*84
90
*80
90
5% Mar 2 29 July 28
20% 2812 20% 27% 58,705 Distillers' Securities Corp----20% 27% "23% 27"% 27% 28% *28% 29*
14.350
Dome
Mines
Ltd
$10
t$16
June25 $24% Julyl5
20%
23%
21%
23%
22%
23
23%
22% 23% 21% 22% 22
00 Junel2
050
Federal
Mining
&
Smelting..
8 Mar24
30
27% 27% 285* 28% *28
*25% 26
20
26% *25% 32
65 Junel2
200j Do pref------------------------20 M arl3
49
4934 49% *48
*16
54
44
44
*43
54
290
July 9
430
General
Chemical___________
165
Jan
20
§285
290
290
290
§2691.i 269% §270 272% *265 280 §279% 2S0"
Do pref________ _______ _ 100 Mar 1 110 June 8
*108 110% ........ .
*10S 110% *108 110% *110 118 *108 110%
17 7% July27
48,917
General
Electric..............
.......
138
M
ar
3
173
175
173%
170
"
174
177%
174
177%
108
175%
170 171%
6,550 General Motors vot tr ctfs..
82 Jan 2 189% Julyl7
180 182% 178 180
180 182% 179 182% ISO 184% 1S2 185
700 Do pref voting trust ctfs
9058 jan 4 107 July 19
104% 104% *101 107
105 105
105 105
105 105
100
100
33,900 Goodrich Co (B F )------------2 41 Jan 7 55% June29
50%
52%
50%
52%
51%
53%
51%
53%
49%
51%
50% 51%
000 Do pref-----------------------95 Jan n 105% July21
104% 104% 104% 104% *104 105 *104 105
* 1 0 3 % ----- 101 104
01% 01% 01% 023* 01% 62% 5,300 Guggenheim Explor.Tar S25 $45% Jan 7 $07% Junel2
00% 00% 59% 00% 59% 01
125 Homestako Mining
114 Jan 8 5120 July 2
118 118 *117 118%
*117 121 *117 121 §117% 117% *117 118
$20 $165* Jan 2 $35% Apr 26
3038 30% 325* 35,750 Inspiration Con Cop
30
303* 30
29% 30
29% 30
29% 30
14 July 14
200 Internat Agricultural C orp..
5% Mar 31
*10
12
*8
12
12
11% 11% *9
11
11
*0
12
200[ Do pref
8 IMar 15 30% July 14
*24
29
25
28
*22
29
*21
29
*21
29
*22
29
International
Harvester
of
N
J
114
June 4
MaylO
300
90
*95%
99
*98% 100
98
98
*95% 97
*95% 99
90
90
Do pref................ .......
110 Julyl3 117 Jan 20
International
Harvester
Corp.
Apr
10
Feb
80
20
55
60
00
02
*00
*00
04%
*00
61%
*00
64%
62
62
Do pref-------------------90% Mar 6 114 Jan 14
*97
*97
___ *97
___ *97 ___ *97
*97
12 Apr 19
8 Jan 6
9% 10% 10'% 10% 3,200 International Paper______
10
9% 9% *9
9% 9%
9%
9%
43 Apr 19
33 Feb 21
38% 381.1 38% 2,300 Do pref...... ......... .......
30% 36*2 *30
37% 37
*30
38
36% 37
Kayscr * Co (Julius)............
77% Feb 20 88 Apr 26
*78
83
83
*78
83
*78
*70
83
*78
S3
*78
83
Do 1st pref........................ 107 Jan 13 109 Apr 19
*107
*107
99 Jan IN 139 Mayl2
___
200 Kresge Co (S S)------------------137 137
130% 130% *130 137 *130 137 *130 137
Do p r e f ...-------------------- 105% Feb 15 110 Junel2
*105% 110 *105 110 *105 110 *105 110 *105% n o
Lackawanna
Steel..............
—
51
50%
13,500
28 Jan 7 52% July29
52%
50
50
49%
50%
48%
*47
48% 48% 48%
Liggett & Myers Tobacco___ 207 Jan 9 231 Apr 22
*223 227 *223 227 *21.8 227 *220 227 *220 220 *220 220
Do pref............................ . 113%Jan .7 119% Jan 21
100
119 119 *110 120 *110 120
*110 120 *110 120 *110 120
210 Loose-Wiles Biscuit tr co ctfs.
16 Feb 17 31 Jan 11
17
§17
19
17% 17% *17
18
17% *17
17% 17% *10
Do 1st preferred_________
86 Feb 20 105% Jan 13
100
92%
*90
92% 92% *09% 93
*92
93
*92
93
*92
93
Do 2d preferred_________
60 Junel5 65 M a rl!
63
03
03
03 *___
03 *
*___
03 *___
184 Mar 8
Lorillard Co (P )------------------- 105% Jan
170 *108 170
*170 180 *170 180 *108 180 *108 170 *168
Do pref------------------------- 112% Jan 0 118 Jan 19
117 *___ 117% * _ 117 *------ 117
*___ 117 *114 117 *
Mackay
Companies-------------82% May 6
11
100
72%
Jan
70
70
*70
78%
*70
79
*70
79
*70
80
225 Do pref________________
65 Feb 25 0934 Jan 19
66
65% *64
00
60% *04
*04
06% *04
15% Jan 0 58 Apr 14
33% 3212 34*2 10,810 Maxwell Motor Inc tr ctfs—
29
31% 31
35% 29% 35
*35% 36% 35
83
5,050 Do 1st prof stk tr ctfs----43 4 Jan 2 89 June 7
81% 83% 82
80
81
82% 82% 80% 84
*82
85
5,700 Do 2d pref stk tr ctfs___
29% 30
18 Jan 6 44 May 6
29
27% 29% 28
31
31% 27% 30
*3112 32
56 Mar
525 May Department Stores____
35 Julyl2
35
35
35
*34
35% 35% 35
38
35
35
*35
35 %
Do pref____ ___________
94% Apr 27 x98% M arl5
___ ___ *95
98
*95
98
*95
98
*95
98
74% 773.1 73
74% 47,760 Mexican Petroleum_________
51 Jan 9 97 Apr 20
77
71% 73% 74
71% 73% 69% 72
100 Do pref._______________ 67 Jan 15 94 Apr 20
79
79
SO
*___
80
77
77 *___
$5 $17% Jan 0 $29% Apr 26
27% 7,950 Miami Copper______
20% 27% 27
20% 26% 20% 20% 20% 20% 20% 27
200 Montana Power____________
47
42 Jan 4 55% Apr 23
*40
49% *40
49% *40% 49% 47
47
*40% 48% 47
300 Do pref------------------------99 Jan 29 103 Apr 15
* 1 0 2 % ----- *1 02 % ___ *102% 103% *102% 103% 102% 102% 10258 102a8
National
Biscuit____________
132 Jan 22
432
121
___
116
Apr
120
120
120
120
120
*118
121
*120 121%
Do pref........ ........... ......... 119 May25 120 Feb 3
*118 126
*118 126 *120 120
80% M a r31
75
68 Mar25
1,770 National Cloak & Suit_______
*74
*70
75
72
73
71
72
72% 72% 71% 72
Do pref............... ............. 100% Mar25 100% Apr 16
20
*104 105% *101 100% *104 105% *10 4 105% *104 105% §105% 105%
9% Jan 4 27% July27
26% 89,700 Nat Enameling & Stamping..
25
27% 25% 20% 25% 27
20% 24% 22% 26% 20
90 July27
79 Apr
800 Do pref------- -----------------90
*88
90
90
88% 88% *87
87
89% 88% 88% 89
70% May 1
44 Jan
02% 624t 03
03% 04
63% 03% 3.400 National Lead______________
01
62% 02
02% 03
111 JunelO
104«4 Jan
Do pref............ - ......... —
200
109 109% *100 110
*108% 109% *108% 109% *108% 109 *10S% 109
$5 $11% Feb 24 $10% Apr 27
*13% 14% 14
14% 14*2 3,300 Nevada Cons Cop—
14% 13% 14%
14
14
14% 14
50% Feb 20 100% July30
102 100 % 28,350 New York Air Brake---------101% 104
102 103% 98% 102% 102 104% 103 104
04 Jan 19 81 Apr 21
72
72
600 North American Co (new )..
73
74
*70
73
*05
75
73
73
73
73
37% Julyl7
18 Marl7
Paciflc
Mail......
.........
..........
___
___
33
33
2.400
34%
34%
33
35%
34
34
34% 30%
250 Pacific Telephone & Telegraph 20 % Feb 11 39% Apr 10
30
31% *28
*28% 31%
*28
32
31% *28% 32
*28
32
Apr 3
10 People’s Gas Lt & C (Chicago) 112% MaylO 123%
*110 118 *115 118 § 1IS 118 *110 118 *110 118 *110 118
15 Mar 5 75 Julyl7
*00
08
100 Pettlbone-Mulllken-------------05
OS
*00
*00
08
*00
05
65
65
15% Jan 4 267g Julj’29
201.1 30,025 Pittsburgh Coal____________
25% 20% 25
22% 23% 22 % 22% 23% 25
22% 23
81%Jan 4 9c Feb 10
pref________________
10,800 Do
95
90% 93% 95
92
92% 92% 92% 92% 95
*91
93
25 Mar 6 59*4 Apr 30
51% 52% 28,500 Pressed Steel Car___________
53
48% 50% 49% 49% 49% 50% 50
50
50
400 Do pref________________
100 100
80 MarlO 102% Jan 25
100 100
99% 99% *99% 100
*99% 100
*99% 100
Public Service Corp of N J—
104 Apr 13 110% Apr 22
♦100% 107 *100% 107% *100% 107% ___ ___ *100% 107
500 Pullman Company_______
150% Mar 12 167 Junel4
101% 101% 161% 101% 101 101 *150 100
*15S 162 ♦157 102
4 Juncl5
3
3
1,100 Quicksilver Mining______
% Mar 15
3
3
3
3%
3
3
3
2% 2% *2
43*
4%
1,100 Do pref.................. .
6% Junel5
3%
4
4
J4 Mar29
4
4
4% ♦3% 4%
*4 ~
413
Railway
Steel
Spring------12,700
36
40
May 1
19
Mar
6
34%
35%
37%
345*
35%
32%
35%
35
30
35 I4 36
200
*88% 91
Do pref____ ________
87 Mar 3 95 Apr 19
*85
91
90% 91
*85
91
$10 $15% Jan 2 $26% Apr 20
22% 23% 12,070 Ray Cons Copper.
22% 22% 23
22% 23
22% 22% 22
22 % 22 %
19 Feb 1 46% July29
40% 42% 45% 210,000 Republic Iron & Steel----34% 37% 30% 37% 37
.39% 40
3534 36*2
97% July29
Do pref_____________
72 Jan 30
95% 97% 95% 90% 8,200
95
92% 93% 93% 93% 94
0% Mayl2
%Jan 22
3
3
3% 3% 2,900 Rumcly Co (M )_________
3%
3%
3
3
3
3%
Do pref_____________
18 May 6
*7
9
2% Jan 20
9% *0
9
*0
9
*7
9% *7
Jl31% Marl7 209% Feb
1 47 1 47% 147% 148% *140% 146% 1,700 Sears, Roebuck & C o____
145% 140% 147 147
Do pref_____________
*123 12 4 *123 124
121% Jan 4 125% Feb 19
*123 124 *123 124
44% July29
24 Jan 6
39
40% 38% 401.1 39% 41% 41% 44% 42% 44% 24,500 SIoss Sheffield Steel & Iron..
*37^ 38^
43% Feb 23 56% Julyl4
300 Standard Milling_______
*54
50
50
$5512 5512 ___ ___ *54
57
56
56*8 *50
73% Julyl3
Do
pref................
.......
270
72%
72%
___
___
66
Fob
17
*71%
77
72
72
*72%
74
*72% 74
43,705 Studebaker Corporation (The)
3534 Jan 2 85 July 30
82% 80% 83% 81% 82% 81% 84% 83% 85
82% 82% SO
300 Do pref_____________
91 Jan 2 102% Apr
102 102% *101 102% *101 103
*99% 100% 100 100
*99% 101
$25 $25% Feb 24 $39% Juncl2
37% 38% 8,700 Tennessee Copper —
36% 30% 35% 30% 35% 30% 30% 37% 37% 38
1,100 Texas Company (The)__
120 Mayl4 144% Apr 19
131% 133% *131% 133
132 132
133 133 *130 133
131 131
1,900 Underwood Typewriter__
55 Feb 18 16% July28
70
*70
76
68% 75% 75% 70% 75
*05
70
*05
70
Do
pref_____________
100
107
98% May22 105 July26
*98
107
*97%
105
*98
*98
107
105
105
*100 107
7% Apr
4% Jan 4
000 Union Bag & Paper..........
0% 0% *5% 0
0
0%
6% 6%
*5% 0% *5% 0
Do pref_____________
*23
22% Julyl3 30% Apr
*23
27
*23
27
27
*23
27
*23
27
*25
28
___
42 Jan 25 51% Apr 19
450 United Cigar Mfrs______
44% 44%
40
47% *44% 48
*44
48
*45
48
Do pref........ ...............
♦101 103%
100 Junel9 105 Feb 11
*101 103 *100 103 *101% 103 *101 103
400 U S Cast Iron Pipe Foundry
*14
10
10
18% May24
8 Jan 2
10
*13% 10
*14
10
14
15
*14
10
32% Mar 3 46% Apr 19
100 Do pref_____________
39
30
30
39% *30
*30
43
*31
39% *30
*30
40
300 U S Express_____________
00
60 July27 73% Mar 9
*55
05
*58
00
*55
05
60% 60% 00
*60
66
10,050 U S Industrial Alcohol___
15 Jan 27 59% July28
591
57% 59
58
59% 58% 59% 57
50
57
58
58
Do pref_____________
100
*92
95
70 Jan 26 94% June
90% 90% *90
*92
95
95
*90
95
100 U S Realty <fc Improvement.. 35 June30 50 Jan 12
40
*33
35
35% 35% *36
*33
35
*33
35
*33
36
74% Apr 14
9.500 United States Rubber___
47% 45% 40
44 July21
44% 4512 45*2 46
45
44% 45
44
45
101% Feb 24 110 Apr
102% 102% 102 102 % 102 1023 102% 102% 1.500 Do 1st preferred_____
102% 103
*103 104
38 Feb 1 08% July23
6 4% 05% 05% 07
00% 08% 00% 07% 747,114 United States Steel_____
03% 64% 02% 05
Do pref_____________
xl02 Feb 1 112% July29
1123 112 112% 112% 112% 7,333
110 % 111 % 110 % 111 % 111% 1114 112
$10 $48% Jan 6 $73 Apr 26
07% 25,100 Utah Copper_______
05% 00% 05% 07% 06
04
05% 03% 6 44
32
3 43* 34% 35% 19,900 Vlrglnla-Carollna Chemical__
15 Jan 4 37 May
31% 32% 31% 313.
33
31
31% *31
385
99
Do pref___ ^________
*9 Hi 97
97
*94% 98
80 Jan 6 101 May
*94l,i 98
*9 4 97
*94
97
0,800 Western Union Telegraph___
08% 69
09
57 Jan 2 70% Apr 28
69% 70% 09% 093
07% 09% 09
69
69
109% 112% 110 113% 055,170 Westlnghouse Elec & M fg__
04 Feb 24 113% July30
102% 108% 100% 109% 107% 112
107 109
400 Do 1st preferred_____
130 130
130 130
120 120 *125 130
117 Marl2 130 May
*125 130
132% 135
87 Feb 23 139% JulylO
130 13834 130% 137% 134% 137% 4,150 Willys-Ovcrland (The)___
132% 134
132»8 135
100 Do pref............ ...........
90 Feb 13 105 June22
*10212 105 *102% 105 *102% 104% *102% 103% 103% 103% *103% 105
900 Woolworth (F W )______
104 10 4%i 1041* 10 4%
90% Jan 6 111% Apr 14
*104 105 *104 105 *104 105
Do pref.................... .
115 Jan 8 120% Junc30
* 120 % 122 *120 122 *120% 122 *120% 122 *120 122 1*120 122

Par

d

Par

15*8

d

...Par

d
d

.Par

d

Par

_

__

d

Par

d

.Par

d

Par

*55

__

&

d

* Bid and asked prices; no sales on this d iv.

dividend,

x Ex-dividend, c Par $25 per share.




f Loss than

100 shares.

{Ex-rights.

Par

a Ex-dlv.

anJ rights, ft New stock,

d Quoted

Range for Fretion*
Year 1914.
Highm.
$24% Dec
38% Jan
102% Jan
$% Apr
29% Jan
68 Jan
118 Deo

$38% Feb
62% Mch
110 June
$1% Feb
46% Deo
91% Deo
130 Jan

30% Feb
15% Dec
68 M et
50 July
38% Dec
25% Jan
94% Jan 104 July
$31% Dec $44 Feb
34i* Feb
20% July
112% Dec 139% Jan
37%June 45% July
91 % July
84 July
13% Jan
7 July
72 Jan
68 % July

90 Deo
91% Jan
11 July

90 Deo
99% Feb
20% Mch

7% May
28% Dec
160 Apr
107% Feb
137% Dec
37% Jan
70 July
19% Jan
79% Jan
$40% July
109% July
$14% July
4 Jan
13 May
82 July
113% Jan
82 Dec
114% May
6 % July
30 Dec
80 Jan
100 Mch
81 Jan
99 Jan
26% July
207% Dec
111 % Jan
26 Dec
101 Apr
89 Jan
160 July
110 Jan
61 July
65% Jan
14% Dec
41% Dec
17 Dec
51% June
97% June
46% Jan
67 May
$16% Dec
41 Dec
101 Apr
120 July
119% Jan

15 Jan
43 Jan
180 Jan
110 June
150% Feb
99 May
95 Feb
287* Apr
95 Dec
$57% Apr
i 122% Mob
$ 19 % July
10% July
36 Jan
113% Jan
118% July
111% Jan
118 Julj
107* Feb
41 Jan
94 June
108% May
105 Feb
105 Mob
40 Jan
231 Mch
118 % July
38 Jan
105 Mob
95% June
190 Apr
117% July
87% Feb
70 Jan
15% Dec
44 Dec
17% Dec
69% Jan
101% Feb
73% Feb
87 Feb
$24% Feb
627* June
1037* June
139 Feb
128 June

9 July
80 June
40 July
105 Jan
$10% July
68 July
64% July
17% July
20 July
106 July
23 Apr
15 Deo
79 Dec
20% Jan
97% Jan
107 Jan
160 Dec
% June
1% June
19% July
88 Dec
$15 Dec
18 Deo
75 Dec
3% Dec
20*4 Apr
170% July
120 Dec
19% July
32 Jan
59 % Dec
20 Jan
70 Jan
$24% July
112 July
73% June
103 Dec
3% June
18% July
39 Dec
99 June
7% June
30 July
46 Jan
15 Deo
75 Dec
51% Deo
44% July
95% July
48 Dec
103% Dec
$45% Dec
17 Deo
96 May
63% July
64 Jan
116% Jan

14 Feb
867* Mcb
62 Jan
109 Feb
$10% Jan
69 Jan
79% Mcb
29 Jan
31 Jan
125 Jan
29 Feb
23% Feb
93% Feb
46 Feb
105% Mcb
114 Apr
159 Jan
27* Jan
4 Jan
34% Feb
101 Feb
$22% Apr
27 Jan
91% Mob
18 Jan
41 Jan
197% July
124% June
35 Jan
45 Dec
67% Dec
36% Mcb
92 May
$36% Feb
1497* Mcb
88 Jan
113 Apr
8% Feb
32t* Feb
60% Feb
103% Feb
13% Jan
49 Feb
87 Mcb
20 Apr
85% Jan
63% Mcb
63 Mcb
104% Jan
67% Jan
112% Jan
$59% June
347* Mcb
107% Mcb
667* Feb
79% July
124% June

89 July
112% Jan

103% Feb
118% Men

dollars per shire.

s Ex-stock

356

New York Stock Exchange—Bond Record, Friday, Weekly and Yearly

Jan. 1909 the Exchange method of quoting bonds was changed, and prices are now all— "and interest"— except for income and defaulted bonds.
BONDS

1». T . STOCK EXCHANGE
Week Ending July 30

3^5
S
2 v
-.a.

U. S. Government.
Q- J
Q- J
Q- 1
Q- P
Q- F
Q- F
Q-F
Q -N
Q-M
Q -F

Price
Week'sor ■*}wT3 Range
Friday
Range
Since
July 30 Last Sale
Jan. 1.
Bid Ask Low High Ho Low High
97 ____ 963, July’ 15
0634 99%
97 -----100*4____
100*4____
11)9 ____
110*4____
97 ____

97*2 July’ 15
100*2 June’ 15
101% July’ 15
109% July’ lf
110% June’ 15
97% July’ lf
97 M ay'l
102
101*8------- 102
100 Feb ’ If . . . .
____100

97%
100%
100*2
109%
110%
97*2

99
101%
102
no
111%
97%

100% 102
100 100

F o r e ig n G o v e r n m e n t

Cuba— External debt 5s of 1901.
Exter dl 5s of '14 aer A ___1940
External loan4 % s_______ 1949
Japanese Govt— £ loan 4 1 9 2 5
Second aeries 4H s_______ 1925
Do do ‘ ‘ German stump” .
Sterling loan 4 s . . . ........... 1931
Mexico— Exter loan £ 5a of 1899
Gold debt 4a of 1904_____ 1954
Prov of Alberta—deb 4 H a.. 1924
Tokyo City— 5a loan of 1912___

XThese are price* on the basis nr

M- S
J - IJ
M- S
F- A
F- A
F- A
.1 - J
J - J
Q- J
I - D
F- A
M- S
15(0 £

£ 87
93
t ------ 74%
96% 97%
90
93
____ 82
f 76
77
t 72% 72%
t --------------------- 70
£------ 82
------ 85
£------ 90
t ------ 79*2

t

93 June’ If
80
99*4
88 July’ l90% July’ lf 330 93% 97*2
90
90%
90
94
83 June’ 15
83
85*2
5 73% 84%
76%
76%
l 73
73
73
82
71
71
OC 71
79%
733, Jnne’ 15
79% Apr '14
65 July’ 14
95% Jan '15 ___ 95% 95%
80 May’ 15
78
82

i

S t a t e a n d C i t y S e c u r it ie s .

N Y City— 4H s.....................lOOC
4 Ha Corporate stock____ 1904
4HsCorporato etok (wD.1905
*H « Corporate stock____ 1903
4% Corporate stock_____ 1959
4% Corporate stock___ Il957

N Y State—4s...................... 1901
Canal Improvement 4s__ 1901
Canal Imprtfvement 4 s...1962
Canal Improvement 4s__ I960
Canal Improvement 4 He. 1904
Canal Improvement 4 Ha. 1905
Highway Iraprov’ t 4H8..1963
Highway Improv’ t 4H8..1O05
Virginia funded debt 2-3S...1991
0s deferred Brown Bros otfs__

98*8 98
98% 41
M- 8 9S
M 8 98's Salo 98*8
98% 57
101% 75
J -D lODg Sale 101%
102*8 21
M- S 1017s Sale 101%
94%
943s 94% 94%
3
M-N
94%
94*2 95*2 94%
2
M- b
94*4 94% 94
94
1
M-N
__
94
94*2
95 June’ 15
M-N
101% II
m - r; 101% Salo 101%
M -b 100*4 102 100 '8 June’ 15 __
101%
M-N 10134 Sale 1013,
li
M-N 100 100% 101 May’ 15
84% 87% 89 Juno’ 15 __
M -N
M- 8 100*2 101% 100% Juno’ 15 __
J - J 101 ___ 101*2
i
101%
J - J 101 _ __ 100*2 Juno’ 15 ___
J - J 100*2 101*4 100*8 Apr ’ 15 __
J - J 109*4 1093s 109*2
109%
1
J - J 104% Sale 104*4
104*3
109% 32
M- 5 109% 109% 109*2
M - S 104 10-1*2 101*2 July'15 ___
84% July’ 14
J - J
58*4 Sale 6734
"69
38

97% 100*2
97% 100%
101% 102
101% 105%
94
973s
94% 97
94
97
95
97%
101% 10534
100*2 101%
101.% 105%
100% 101
84
89
99% 101%
99% 101%
100 100*2
99% 100*j
108% 110
104*3 1043,
108 109%
104*8 104*2
62

6U2

Railroad.

Ann Arbor 1st g 4s______ 4.1995
Atch T od A S Fo gen g 4s__ 1995
Registered......................... 1995
Adjustment gold 4s......... A1995
Registered................... A1995
Conr gold 4s...... ................ 1955
Conv 4s Issue of 1909_____ 1955
Conv 4s Issue of 1910____ 1960
10-year 5s_________
1917
East Okla DIv 1st g 4s___ 1928
Trans Con Short I. 1st 4s. 1958
Cal-Arls 1st A ref 4 H s ‘ ‘ A” 1902
8 Fe Pres A Ph 1st g 5S...1942
Atl Coast L 1st gold 4s____A1952
60-year unified 4s_______ 1959
Ala Mid 1st gu gold 5S___ 1928
Bruns A VV 1st gu gold 4s. 1938
Charles A 8 av 1st gold 7s. 1930
L A N coll gold 4s_______ ol952
0a v F A W 1st gold 0s___ 1934
1st gold 5s....................... 1934
811 8 p Oca A G gu g 4s____1918

Nov

57*2 59
90% Sale
------- 93%
81% 83

M- N
J -D

82 *s 82*2
100 100%

J -D

101 Sale
101% 101%
92 .
85*2 86*2
------ 98

Q- J
A- O

A -O

J - I)

M- S
J - J
51- S
M- S
M- S
J -D
M- N
J - J
J - J
M -N
A -O
A -O
J - J
J - J
Q- J
A -O
Q- J
-J - !
M-N
M- N
J - J
M- S
A- O
F-A

89*4 Salo
------ 93%
1013, 103%
------ 92%
------ 135
81 Salo
115 118%
I047g____
97 % ____
90*2 90%
____ _____
87*3 Salo
♦85*2 88
80% Salo
- - - ____
80*8____
79 Salo
87*4 87%

58*2 July’ 15
90*8
90% 240
89
89
3
81% July’ 15 ___
80 M a r'13
82
82*2 14
100 %
101 %
28
99*2 May’ 13
00
102
148
101
101*2 15
93 Juno’ 15
85% July’ lf
95 May’ 15 —
103 Fob ’ 15
89
S9 *4 ~32
92% July’ 14
105% Juno’ 14
91*2 June’ 15 . . . .

90
89
81

05%
92%
80%

813S 87
92% 104
92%
100%
92
84*2
95
103
83

104%
101.%
94
89
90
103
93

91

93%

81
81
1 81
87%
119*2 Juno'15
uo*2 no*105 July’ 15
10.5 105
98 June’ 15
97*2 98
90%
90*2 79 89% 92%
90 Junc’ 15
88% 90
1st 50-year gold 4s........ *1948
86%
87% 136 85
91%
Registered__________ *1948
90 Apr '15
8712 90
20-yr conv 4 H s ._ ............ 1933
85*2
87% 134 S2% 88
Pitts Juno 1st gold fls____ 1922
112 Jan '12
P Juno A M Dir 1st g 3H8 1925
86% July’ 15
80*2 88
P L E A W VaSys ref 4 s ..1941
79
79
0 78
84
SouthwDlv 1st gold 3H s. 1925
87-%
87*2 25 86% 91
Cent Ohio It 1st c g 4H s .. 1930
100 Apr ’ 13
Cl Lor A W con 1st g 5S..1933
101%____ 104% Apr ’ 15 . . . . 103*2 104%
Monon Itlver 1st gu g 5 s ..1919
102% June’ 12
Ohio River lilt 1st g 6 s.-.1930 J - D 101 ____ 106% June’ 14
General gold 5s...............1937 A -O
104% May’ 14
Fitts Clev A Tol 1st «C S-. 1922 A - O
113% Feb T2
Pitta A West 1st g 4s........ 1917 J - J
H0% M ar’ 14 . . . . .................
Stat Isl Ry 1st gu g 4H9--1943 J - IJ ................. 91 June'12
Bolivia Ry 1st 6s................... 1927 J - J
Buffalo It A P gen g 5s........ 1937 M- S 105%____ 105%
105%
2 102% id«%
Consol 4H s........................ 1957 M - N ------100*2 101 Apr ’ 15
100 10:1
All A West 1st g 4s gu___ 1998 A - O 89 H 92
94% P'eb ’ 15 ___ 0«3, 941,
Clear A Mah 1st gu g 6 s. .1943 J - J 10.1*8___ 112 Apr ’ 14 —
Roch A Pitts 1st gold 6S-.1921 F - A 106%____ 107's Jan '15
167**8 167’ %
Consol 1st g fls.............. 1922 J - D 107 ___ 111% July’ 14
Canada Sou cons gu A 5S...1902 A - O 102 103 102%
102%
1 101*8 104%
Registered___________ 1902 A - O
100% Apr ’ 14
Oar Clinch A Ohio 1st 30-yr 6 s '38 J
------ 98
94 Juno’ 15
94
96%
Central of Ga 1st gold 5s . . . p l 945 - A 107 ____ 107 July’ 15
103% 107
Consol gold 6 s . . .............. 1945 M- N 99*2 Salo 99
99*2
3 99 102%
Chatt DIv pur money g 4s 1951 J -D
80 Fob ’ 15
Mac A Nor DIv 1st g 5s.. 1946 j - j 102%____ 101*4 May’ 15
102 101%
Mid Ga A Atl DIv 5s____ 1947 j - j 102*2____ 100% Mar’ 15
100*4 100*4
Mobile DIv 1st g 5s_____ 1940 j j 102% 105 103% May’ 15
IO.334 1033,
Cen IIR A B of Ga col g 5 s.. 1937 M -N
87
89% 88 July’ 15
88
923,
Cent of N J gen'l gold 6 s___ 1987 J - J 112% Salo 112%
112% 21 112 1151.
Registered............... ..*1987 Q - J 111 112% 113*2 Junc’ 15
112 115
Am Dock A Imp gu 5 s ... 1921 J - J 103% 104 103 July’ 15
102*4 104
Leb A Hud Itlv gen gu g 5sl920 J - J 100 ____ 100 June’ 13
N Y A Long Br gen g 4 s.. 1941 M- 5 9134____ 100*2 Jan T3
Cent Vermont 1st gu g 4 s ..*1920 Q - F
70 ____ 68 Fob ’ 15
08
68
Ohesa A O fund A lmpt 6 s .. 1929 J - J 83
90
83% July'15
S3
96
1st oonsol gold 6 s........ ...1 93 9 M -N 103 Salo 103
103
0 102% 105
Registered................. ..1939 M - N ------ 104
105*2 June’ 14
General gold 4H s________ 1992 M- fl 83% Salo 83
83*2 29 82
01
Registered____________ 1992 51- 8 * ------ 85
93*2 P'eb ’ 14
Convertible 4H s_______11930 F - A 71% Salo 7 1
72% 27 70
76%
Big Sandy 1st 4a........ .. 1914 J -D ------ 87% 82 May’ 15
82
83%
Coal River Ry 1st gu 4a.. 1945 J - D ------ 81
82% May’ 15 . . . . 82% 82%
Craig Valley 1st g 5s........ 1940 J - i ------ 92% 90*2 Deo ’ 13
Pott* Creek Br 1st 4s___ 1946 J - J
84% Jan ’ 13
R A A Dir 1st con g 4s. . 1989 J - J
81*2 June’ 15
80% 84%
2d consol gold 4 s.......... 1989 J - J ------ 82
77 Apr ’ 15
77
77
Greenbrier Ry lstgu g 48.1940 M- N _____ .
90 Apr ’ 14
Warm Springs V 1st g 5s. .1941 m - a ------ 76 113% Feb ’05
Chic A Alton RR ref g 3s. .1 9 4 9 A - O 53
54
54% July’ 15
1st lien 3Hs____ 1950 J - J 43% 45
43*2
43%
io 38
47*,
Chic B A Q Denver DIv 4 s.. 1922 F - A 9 9 % ------ 99*2 J u ly ’ 15
98% 90%
Illinois DIv 3H*________ 1949 J - J 82% 8334 S3%
83%
3 81% 84%
Registered______ I I I I I l 949 J - J
Illinois DIv 4 j___________ 1910 J - J 9? Salo 92
92
6 91% 94%
Registered............ . I l l 1949 J " J
Iowa DIv sink fund 5a___ 1919 A -O 102%------ 102% June’ 15
101% 102%
Sinking fund 4a_______ 1919 A O 98% Salo 98%
98%
1
0Q
•
ur,o« Friday; ,atest this week, d Dae April, e Dae May. g Due June,

F -D
-

Riilvas




-

BONDS
Y. STOCK EXCHANGE
Week Ending July 30.

Price
Friday
July
30

Week'sor
Range
Last
Sale
Low High

See

Chic Burl A Q (Con.) —
Joint bonds.
Great North
95 Salo 95
Nobraska Extension 4s. 1927 M -N
95
95 Juno’ 15
1027 M -N
1921 M- S 9 9% ____ 99*8 June’ 15
1958 M- S 90% Sale 90%
91%
22
24% June’ 15
1955 J - J
90
1934 A - O ____ 90
90
59
58*4
1937 M- N 56
58*4
1937 M- N 5(5 ____ 71 Juno'15
1942 F - A
97>4 Feb ‘ 13
20
27% July‘ 14
1930 J - J
1959 M- S 66% Sale 00%
00*
1947 J - J 105U 117 111 July’ 15
101 June’ 15
1947 J - J 1------- 101
95% Apr ’ l l
1917 J - J
80 J uly’ 12
1950 J - J
1950 J - J
90U Aug ’ 12
104 Deo ’ l l
1909 J -D

----

Gen’l gold 4s Series A___ el989 J - J
Registered___________ el089 Q - J
Gen A ref Ser A 4H *____o2014 A - O
Gen ref conv scr B 5s__ O2014 F - A
Gen’ l gold 3Hs Ser B___ el089 J - J
General 4 H sS orC .......... «1989 J - J
25-year deben 4s............... 1934 J - J
Convertible 4H s............... 1932 J -D
Chic A L Sup DIv g 5S___ 1921 J - J
Chic A Mo ltlv DIv 5s___ 1920 J - J
Chlo A P W 1st g 5s...........1921 J - J
C M A Puget Sd 1st gu 48.1949 J - J
Dak A Grt Sou gold 6 s__ 1910 J - J
Dubuque DIv 1st a 1 fls ... 1920 J - J
Fargo A Sou assum g 6 s .. 1924 J - J
La Crosse A D 1st 5s.........1910 J - J
WIs A Minn DIv g 5s........ 1921 J - J
Wls Vail DIv 1st 6 s.......... 1920 J - J
Mil A No 1st ext 4H s___ 1934 J - D
Cons extended 4Jys___ 1934 J - D
ChlcA Nor West Ext 4s 1880-1920 F - A
Registered_______1880-1920 F - A
General gold 3 Ha.............. 1937 M- N
Registered__________ pl987 Q - F
General 4s_____ _____ ___1987 M- N
Stamped 4.s................... 1987 M- N
General 6 s stamped_____ 1987 M- N
Sinking fund 6 s___ 1879-1929 A - O
Registered............ 1879-1929 A - O
Sinking fund 6s____ 1879-1929 A - O
Registered............ 1879-1929 A - O
Debenture 6 s___________ 1921 A "
Registered.......................1921 A - ^
Sinking fund deb Gs______1933 M -N
Registered.............. ....... 1933 M -N
From Elk A Mo V 1st 03. .1033 A‘ - O~
Man G B A N W 1st 3 H »-1041 J - J
Mllw A 8 L 1st gu 3HS__ 1941 J - J
Mil L S A West 1st g 63__ 1921 M- S
Ext A Imp s f gold 5 s ... 1920 F - A
Ashland DIv 1st g « s ...1925 M- S
Mich DIv 1st gold 0s__ 1924 J - J
Mil Spar A N W 1st gu 4s. 1947 M- S
Northw Union 1st 7s g. ..1917 M- S
St L Peo A N W 1st gu 5s. 1948 J - J
Winona A St P 1st ext 7s. 1910 J - D
Chicago Rock Isl A Pao 6 a .-1917 J - J
Registered_______
1917 J - J
general gold 4s________ 1988 J - J
Registered......................1988 J - J
Refunding gold 4s........ ..1934 A - O
20-year debenture 5s_____ 1932 J - J
Coll trust Series P 4s_____ 1918 M -N
R I Ark A Louis 1st 4H s_1034 M- 8
Bur C R A N — 1st g 5s__ 1034 A - O
C R I F A N W ist gu 5s.-.1921 A - O
M A St L 1st gu g 7s_____ 1927 J - D
Choc Okla A G gen g Gs.olOlO J - J
Consol gold 6s ............... 1052 M -N
O
Keok A Des Moines 1st 5s 1023
3t Paul A K C Sh L 1st 4Hs '41 F - A
Ohio St P M A O con 6 s ___ 1930 J - D
Cons Os reduced to 3H8-.1930 J - D
Debenture 5a__
1930 M- 8
Ch St P A Minn 1st g 0 s . . 1918 M -N
North Wisconsin 1st 0 s___1930 J - J
St P A S CR7 1st « 0s___ 1010 A - O
Superior Short L 1st 5a g.i?103O M- 8
ChloT n A So-cast 1st fls__ I960 J - D
Chic A West Ind gen g 6s-.(1932 Q -M
Consol 50-year 4s............... 1952 J - J
Cln II A D 2d gold 4H s......... 1037 J - J
1st A refunding 4s_______ 1959 J - J
1st guaranteed 4s............... 1959 J - J
Cln IJ A I 1st gu g 5s____ 1041 M - N
C Find A Ft W 1st gu 4s g . 1923 M- N
Cln I A W 1st gu g 4s___ 1953 J - J
Day A Mich 1st cons lH s . 1931 J - J
Ind Dec A W 1st g 5s..........1935 J - J
1st guar gold 5s............. 1935 J - J
Cleve Cln C A St L gen 4 s ... 1993 J - D
20-yr dob 4Hs................... 1931 J - J
Cairo Div 1st gold 4s____ 1939 J - J
Cln W A M Div 1st g 4 s.. 1991 J - J
St L Div 1st coll tr g 4 s ... 1090 M - N
Registered..........
1990 M - N
Spr A Col Div 1st g 4s___ 1040 M- S
W W Val Div 1st g 4s____1040 J - J
C I St L A C consol 0s____ 1020 51 - N
1st gold 4 s ...................*1930 Q-F
Registered.................*1930 Q-F
Cln S A Cl con 1st g 5 s.. .1023 J - J
C C C A I gen con g 6 s__ 1034 J - J
Registered__________ 1934 J - J
Ind B A W 1st pref. 4sIIIl940 A - O
O Ind A VV 1st pref 5s. ..(11938 Q-J
Peo A East 1st con 4s____ 1940 A - O
Income 4s....................... 1090 Apr
Clove Short L 1st gu 4HS...1901 A - O
Col Midland 1st g 4s_______ 1947 J -J
Trust Co certfs of deposit____ .
Colorado A Sou 1st g Is___ 1020 F - A
Refund A Ext 4H s........ .1035 51-N
-D
Ft W A Den C 1st g 0 s ... 1921
Conn A Pas Rlvs 1st g 4s__ 1943 A - O
Cuba RR 1st 50 yr 0s g___ 1952
- J
Del Lack A Western—
MorrisA Es 1st gu 3 H 3 ..2 0 0 0 J - D
N Y Lack A W 1st 0s___ 1921 J - J
Construction 5s............. 1923 F - A
Term A Improve 4s___ 1923 M -N
Warren 1st ref gu g 3HS..2000 F - A
Del A Hud 1st Pa Div 7 s ... 1917 M- S
Registered..................... 1917 M- S
10-yr conv deb 4s............... 1910 J -D
1st lien equip g 4 5is........ 1922 J - J
1st A ref 4s.........................1943 M -N
Alb A Bus conv 3Ha____ 1940 A - O
Rens A Saratoga 1st 7 s ... 1921 M -N

Ry

h Due July,

k Due

a w '.'

o

SGig 87

---

88

87%

89
89%
1021* Sale
7012 79
£934 101
80% Salo
94% Salo
10ti2 ____
103 10 1%
102% 103%
------ 87
100 . . .
105% . . .
108 . . .
101 . . .
101 % 103 %
105 _ .
97% . .
9 7 % ____
------

89%

89*2 Apr ’ 15
89

89*

80*2
94*i

80%
94%

102

102%
77
July’ 15
99%
100

102*2 July'15
103 July’ lf
102% July’ 15
87
July’ 15
100*2 July’ 15
100% Juno’ 15
110 Juno'13
102% Juno’ 15
102U Juno’ 15
100% July’ 15
99 May’ 15
100% M ar’ 15
91*4 May’ 15
91% July’ 14

78% 78*2
78%
78*2 Jan ’ l l
" 01 % " 93 % 92*2
92%
94 Juno’ 15
110*2
110*2
104
____ 108 June’ l
105% Deo ’ 13
103% m i 103% July’ l
103% 108 102 Oct T3
101 ____ 100% M ar'If
101 Dee '12
101 . .
June’ 15
100 % ____ 102*8
101*2 May’ 15
116*4 119 117% M ar’ 15
90*2 Sep ’ 09

109u mu

107

____ 107*4 June’15

102% ____ 104% M ar’ 15

109*2____
108*2____
------ 94
104U____
------ 104

113% Fob ’ 14
111*2 Apr '15
90
90
107% May’ 14
105U M ay'lf
102
103*2 M ay'15
102 102*2 102 July'lf
1--- 102% 101*4 May’ 15
80*2 83
80%
81
80
81
SOU Junc’ 15
61% Sale 01
01 %
44% Sale 43U
44%
78
93
94% June’ l l
------ 75
85 July’ 13
99*2___ 99*2
99%
100% May’ 14

__

97%
-------------------

115

100

111

m
105

July’ 15
97*2 Apr ’ 15
83 Feb '15
05 Apr ’ 15
115% 115 July’ 15
90 Jan T5
100% 100*2 July’ 15
110*2
Jan ’ l
129% May’09
105
105
99*2
92*2
75
89

97%

HO 85 Jan '14
105% 105% 105*2 July'l
75*2 70*2 70*2
70%
00
90 M ar’ 14
June’ 12
Jllly’ 15
M ar’ ll
05 J'ly ’ ll
04% Dec ’ ll
05 J’ly ’ ll
107*2 Deo ’02
09%
09
09*8
82 June’ 14
"80*s
81 Feb ’ 15
78
83 Feb ’ 14
_70" 78% 80 Apr ’ 15
82*4 M ar’ 14
85 M ar’ 14
91 Apr '12
105*4 Juno’ 15
90 Feb ’ 15
88*2 May ’ 15
101 Juno’ 15
105% J'ly ’ 14

Range
Since
Jan. 1.
Low High
95
95
99*8
89
20*2
91
5l*s
52%

97
95
99*8
92U
29
103
75
71

06% 73%
113 117
101 101

86
89*2
88%
100%
77
99
8G%

92
89*2
92%
104*2
80*4
101*2
90*4
03*j 99*2

102%

102%
103

100

IO434
103%
91
100%
107%

102%
101%
106*4
99
100%
92%

102%
102%
107
100%
100*2
04U

101%
87

100

78*2 82
89*4
80
109
108

94 %
94*2
114%
109*2

102% 103%

100% 101%
102 104
99 101%
117% U9U
105 108%
104*2 104%
111*2 111%

89% 02

102% 100

103*2 103%
101% 102*2

101%
S0%
80
01
39

101*4
85
82%
71%
67

99

09%

97%
07*2
83
05
114%
90
99%

97%
97%
84
65
117%
90
102

104% 105%
105
75

100
80%

25

25

80*4

25
88

91

59
59
20 July’ 15
93 June'15
10 M a y'15
10
14*2 M ar’ 15
87%
88
87*2 89
80
81
8 OI4
80*4
102 103*4 102 July’ 15
100
100

85*2 85*4
107*2
%
90

uue Oot.~ p Due Nov.

105%
90
87
101

105*4
90
88*2
101

59
20
91
15
14%
85%
80U
100

05
28
93%
17
15
92
85
103*4

84
107

85%
109

May’ 10
85U
July’ 15

101 May’ 15
Juno’ 15
102 % Feb ’03

95%
____ 85%
104U
105
July’ 15
149 AUg ’01
Salo 100*3
1001
100 100*2 Juno’ 15
91
"9213 Salo
92%
83% Salo 833i
84*s
113% Jan '15
110

ioo'u

81
80

J’ ly ’08

59
15
20
92*3 93*2
HU

85

81
80

.,

101% 101%

95U 90

105

106%

99

100*4

99

100%

91
90
83*2 80
113% 113*8

« Duo Deo. a Option sale. '

J uly 31 1915.]

357

New York Bond R ecord — Continued— Page 2

Week’sor § 2 Range
Price
Since
Range
Friday
Jan. 1
July 30 Last Sale
No. Low Iligk
Higk
Bid Ask Low
71
71*2 13 09*2 78

BONDS
N . Y. STOCK EXCHANGE
Week Ending July 30.

A
A

BONDS
N . Y. STOCK EXCHANGE
Week Ending July 30.

Week’s
Price
or
Friday30 Range
Last Sals
July
Low
High
Bid
85 July’ l5

II
IS

11

Ranoe
Since
Jan. 1
Low
High
84
85

eh A N Y 1st guar g 4s___ 1945 M - S 85*8 .
71*8 Sale
Donv R Gr 1st con g 4a__ 1930 J - J
Registered______________ 1945 M - S
79 June’ 15 ___ 78
83
Consol gold 4H *------------1930 J - J ____ 80
103 104*2
2 7 178 80
Q - J 100*2 102*2 103 July'15
71 ?a Sale
7 Ha
717a
Improvement gold 5s___ 192,S J -D
96*4 M ar ’ 12
94
24
1st consol gold 4s_______ A1931 Q - J 90
38
49
44
46
44
40
let
refunding 5a_______ 1955 F - A
*85 " "8*7*38
86*4
May’
15
J
D
General gold 4s........ .......... 1938
Rio Gr June 1st gu g 5s__1939 J - D ____ 95 109 D e c ’ 12
95*4 May’ 14
Ferry gold 4>3s_________ 1922 IYI- S
Illo Gr So 1st gold 4s........ 1940 J - J ____ 77*2 61*2 Apr ’ l l
99U
Oct
'06
J
D
Gold
4s...............................1932
85
M
ar’08
____
40
Guaranteed__________ 1940 J - J
84*4 8934
88
8934 May* 15
Unified gold 4s................... 1949 IYI - S
6978 23 69
75
6978 Sale 69*8
Rio Gr West 1st g 4s____ 1939 J 95*8 95*8
95ig Jan '15
Debenture gold 5s----------- 1934 J - D
6934 ------ 59*i July’ 15 —
58
59*2
Mtge col trust 4s A ..1 9 49 A 83
86*2
83
83
~84
S
90
Apr
T4
Guar
refunding
gold
4s___1949
Utah Cent 1st gu g 4s.al917 A 95 Jan 'l l
Registered_____________1949 M- S
100 M ar’ 15 . . . . 100 100
Dcs Mol Un Ry 1st g 6 s----- 1917 M1*66" 166*8
100 Feb ’ 15
N Y B A M B 1st con g 5s. 1935 A - O
82 ------ 80 Jan T5 ___ 7178 80
Det
M ac. 1st lien g 4 s ... 1995 J 102t« Jan ’ 14
N Y A R B 1st gold 58...1927 M - S
80
80 ____ 80 Junc’ 15 ___ 78
Gold 4 s ............................ .1995 J 10078 10078
101 1007g July'15
Nor Sh B 1st con g gu 5s_ol932 Q - J
90*2
89
90*2 90*2 May’ 15 ___ 90
Det Rlv Tun-Tor Tun 4 >38.1901 IYI91i4 9 U2 Feb ’ 14
101 105 101*2 May’ 15 ___ 101*2 104*8 Louisiana A Ark 1st g 5s___ 1927 M- S
Dul Mlsaabe Nor gen 5 s.. 1941 J 110 115
1127
8
June’
15
113
Loulsv
A
Nashv
gen
6
s____
J
D
1930
100
May’
15
111*4
98*2 101
Dul Iron Range 1st 5s___ 1937 A 106*8 107
106ig June’ 15
Gold 5s............................... 1937 IYI N 104*2
106*2 M ar’08
Registered_____________ 1937 A 89*2 9434
903
4
91
>
8
Sale'
91iS
J
J
Unified
gold
4s__________
1940
2d 0s .............................. 1910 J 94 June’ 14
Registered____________ 1940 J - J
96 100
____ 95*2 96 May’ 15
Da So Shore At g 5s........ 1937
IOU4 10334
lOlU
103 105
10378 Apr ’ 15
Collateral trust gold 5s__ 1931 M- N 10U4 Sale IOU4
Elgin Jol East 1st g 5s___ 1941 IV! 2 106*2 110*2
1083s May’ 14
109
E II A Nash 1st g 6 s........ 1919 J - D 10458
109 Sale 109
Erie 1st consol gold 7s_____ 1920 M102>8 J’ly *14
L Cln A Lex gold 4 >3s___ 1931 M - N
90 ------ 97*2 June’ 14
N Y & Erie 1st ext g 4 s ... 1947 IYI 1133# 115*2
■ 11478 11473 July’ 15
N O A M 1st gold 6 s____ 1930 J - J
100*4 10178 101*4 May’ 15 ___ 100 102*4
2d ext gold 5s_________ 1919 M
108 10978
10978 May’ 15
.
.
.
.
,
1097s
J
J
98*2
June’
15
2d
gold
6
s......
................
1930
95
____
98*4
99*4
3d ext gold 4H s-----------1923 M
1 100 102*4
84 Dec *14
100
Paducah A Mem Dlv 4 s ..1946 F - A 85i2 .
10 0*8 ____ 100
4th ext gold 5s________ 1920 A
10578 107*2
106*2 July’ 15
035g May’ 14
St Louis Div 1st gold 6 3 -.1 9 2 1 M- S 106
6 th ext gold 4 s.............. 1923 J
62
59*8 65
59i2 July’ 15
2d gold 3 s ...........
1980 M - S
*109 ____ 109 June’ 15 ___ 109 109
N Y L E A W 1st g fd 7 s.. 1920 M
85
88*2
85
Atl Knox A Cln Dlv 4s__ 1955 IYI-N ” 8 5 ’ 871s 85
80 Sale 79*2
80 ^28 78U 84*2
Erie 1st con g 4s prior------ 1990 J 111 Jan T3
Atl Knox A Nor 1st g 5 s..1946 J - D 107
7978 Junc’ 15 ___ 7978 797a
____ 80
Registered------------------1990 J 105
105
105
June’
15
14
105
Render
Bdgo
1st
s
f
g
Os.
_
1931
MS
65
65&
S
65
71
65
655
8
1st consol gen Hen g4s— 1996 J 86
8734
86is
S8*2
88*2
Kentucky Central gold 4s. 1987 J - J
77 Apr ’ 12
Registered------------------1996 J 99*2 101
1 86
L A N A M A M 1st g 4>3s 1945 M- S 97
99*2 June’ 15
88*4
86*2
8 6 * 2 ____ 86*2
Penn coll tr g 4s_________ 1951 F 78
80*2
80i2
51
J
J
L
A
N-South
M
Joint
4
s..
1952
80*2
SO’:
59
66
61*8 Sale 59
61*8
60-yr couv 4s A_________ 1953 A 95 Feb '05
37 63*2 70
Registered___________ A1952 Q - J
67 Salo 65
(57
do
Series B______1953 A ___
101
F
A
106
J’ly
’
14
N
Fla
A
S
1st
gu
g
5s----1937
102*4
June’
15
102*8
103*8
102*2
103*8
Buff N Y
Erie 1st 7 s ... 1910
97 D e c '14
N A C B dgegen gug4>3s_1945 J - J
101*2 104*4
103 104*4 103*8 July’ 15 —
Chic Erie 1st gold 5 s ... 1982 IYI107*2 109
Peus Atl 1st gu g 6 s----- 1921 F - A 107i2 108 109 June’ I5
101 Feb ’ 15
10 L 101
Clev Mahon Val g 5 s ... 1933 J •
105ig
Feb ’ 15
F
A
105*8 105*8
S
A
N
Ala
cons
gu
g
5
a
...
1936
.
.
.
.
121
121
121
Juue’
15
120
-----Long Dock consol g GS--.1935 A 100*4
99*2 102*4
102*2 10034
Gen cons gu 50-year 5s. 1963 A - O
9978 100*8 106 D e c ’ 12
Coal R R 1st cur gu 0s_.1922 IY174
80*2
80 June’ 15
. 79
103*4------ 103*8 June’ 15 . . . J 10212 103*8 L A Jeff Bdge Co gu g 4 s...1945 IYI- S
Dock
Imp 1st ext 5s__ 1943 J ■
IYI-N
Manila
RR
—Sou
lines
4
s
.
..
1936
103*2 Aug T2
N Y Green L gu g 5s__ 1940
77 M ar’ 10
Mex Internat 1st cons g 4s. .1977 M- S
94
94 May’ 15 . . . . 90
------ 91
N Y Sus W 1st ref 5 s.. . 1937
79 N ov’ 10
Stamped guaranteed------- 1977 M- S
100*4 Doe ’06
2d gold 4Ha__________ 1937
101 Oct *09
Midland Term— 1st s f 5s g_1925 J - D
70 M ar‘ 15 . . . . 70
75
____ 09
General gold 5s............... 1940
111*2 Mar’ 15 ----- j111*2 H I1*
Minn A St L 1st gold 7s----- 1927 J -D 102i2 .
Terminal 1st gold 5s......... 1943
llO's Aug ’ ll
Pacific Ext 1st gold 6s—-1921 A -O 100 .
10 2 *2 ------ 111*2 May’ 12
Mid of N J 1st ext 5s..........1940 A 85
92U
85
86*2 July’ 15
1st consol gold 5s________ 1934 M - N
86
____ 82*2 86 Junc’ 15 . . . . 86
Wllk
Ea 1st gu g 5s____ 1942 J ■
60
53*4 21 40
1st A refunding gold 4 s . ..1949 M- S "52'34 Sale 52*2
106 May’ 12
Ev Ind 1st con gu g 0s____ 1920 J
60
60
62
60
Feb
’
15
Dcs
M
A
Ft
D
1st
gu
4S..1935
J
J
87
Junc’
15
.
.
.
.
85
07
____
85
Evans T H 1st cons 6 s____ 1921 J •
82*2
90*4
”82*l2
Sale
82*2
82*2
Iowa Central 1st gold 5 s..1938 J -D
•46 ------ 9958 Dee T3
1st general gold 5s_______ 1942 A 35
60
48's 51*2 50 July’ 15
Refunding gold 4s____ 1951 M - S
108 N ov’ ll
M t Vernon 1st gold 0s____1923 A 89*4 93
89*4 July’ 15
M StPASSM con g 4s Int gu. 1938 J - J 88*1 89
Bull Co Branch 1st g 5s___1930 A 97*4 June’ 12
2 87
1st Chic Term s f 4s.......... 1941 M-H
9078
87*4
87
87*4 87 >4
Florida E Coast 1st 4H s___1959 J •
96 N ov’ 13
M 8 8 & A 1st g 4s Int gu.1926 J 92 A u g’ 10 ____ ___ _____
Fort St U D Co 1st g 4>3s .. 1941
91 J’ly ’ 14
55*2 Juno’ 15 —
____ 65
50
55*2 Mississippi Central 1st 6 a ...1949 J Ft W Rio Gr 1st g 4s......... 1928 I
7534 76*2 753i
7534
72U 81
Mo Kan A Tex 1st gold 4a._1990 J -D
Great Northern—
49*8 63
51*8
51*8
61*8
2d gold 4s...... ................. 01990 F - A
96*4 303 9478 97
96*8 Sale 90
C B Q coll trust 4s......... 1921
79*2
89
‘7
9*12
79*2
July’
15
___
1st
ext
gold
5s__________1944
MN
957
8
July'15
945s 06*4
____ 96*2
Registered /»._............... 1921
49
5638
50
47
50*2
1st A refund 4a............ — 2004 M- S
95*4
'95*4 10 95*4 101
95*4 Salo
1st A refunding 4 Ka ser A 1961
56*2 74
6678 5678 July’ 15
Gen
sinking
fund
4>3a----1936
J
J
Registered........ ............ 1961
60*8 60*8
60*8 60*8 Feb ’ 15
95*2 July’ 15 ___
St Louis Div la' ref g4s ..2001 AA O
____ 96
94*4 95*2
St Paul M
Man 4a......... 1933
93»2 99 T1 Dec *13
Dal A Waco 1st gu g 5a__ 1940 M- N
110 119 118*2 June’ 15 . . . . 117*2 120*4
lat consol gold 6 s--------- 1933
78
78
J’ly
’
14
Kan
C
A
Pac
1st
g
4s____
1990
F
A
118*4
Apr
’
15
L18
118*4
Registered-------------- 1933
95
96*2
90*8 95 July’ 15
7 100*4 101*4
Mo K A E 1st gu g 53 ____1912 A - O
100*2
100*4 10058 100*8
Reduced to gold 4>38.1933
85*2 88
89
85*2 Mar* 15
M K A Ok 1st guar 5a___ 1942 IYI-N
1093., Apr ’ 15
Registered............. 1933
7978
89
7734
80
May*
15
1
M
K
&
T
o
f
T
1stgug5a._
1942
M
S
91*2
94*8
01*4-----92*8
92&s
Mont ext 1st gold 4s___1937
96 May’ 13
Sher Sb A So 1st gu g 5s..1942 J - D
94*2 Apr ’ M
Registered...... .......... 1937
99*2 Jan T4
Texas A Okla 1st gu g 5s.. 1943 M- S
9258 M ar’ ll
Pacific ext guar 4s £------ 1940
96 101*2
96 Sale 90
97
85 ____ 89*4 June’ 15 . . . . 89*4 89*4 Missouri Pac 1st cons g 6 s__ 1920 M- N
E Minn Nor DIv 1st g 4s. _ 1948 A 80
965a
81*2
Trust gold 5a stamped__ al917 M- S 81 Sale 81
110*2 Jan ’ 14
Minn Union 1st g 6 s_____ 1922 J
8SI2 88*2
88*2 June’ 15
Registered----------------al917 M- S
119*2 120*2 120*2 July’ 15 . . . . 120 121
M ontC 1st gu g 6 s............. 1937
87
92*8
79
87
87
1st
collateral
gold
5a____
1920
F
A
136*4 May’06
Registered.......... ........ 1937
Registered .....................1920 F - A
1st guar gold 5s......... 1937
101 7a ____ 105*2 July’ 15 . . . . 105*4 105*2
32
5334
34
33*2 Sale
32
40 year gold loan 4s_____ 1945 M - S
Registered________ 1937
33
4978
34*2
33 Salo 33
IstA ref conv 5a_________ 1959 M- S
104*2 106 107*4 June’15
107*4 107*4
Will S Flat gold 5s . . 1938
78
78
86
78 Jan ’ 15
3d 7s extended nt 4 ___ 193s M N
72
80
72 M ay’ 15 __ 70
72
Gr B A W deb ctfs “ A " (3100 par)
80 100 Feb ’ 13
Boonv St L A S 1st 5s gu. 1951 F - A
50 10*2 13*4
11
1134 11*2
Deben ctfs “ B " (3100 par)----11*2
85
85
60
85 Feb *15
Cent Br lty 1st gu g 4s__ 1919 F - A
82 ____ 84 July’15 —
8212 88
Gulf A S I 1st ref A t g 5s..61952
70
77*2 Dec *13
Cent Br U P 1st g 4s____ 1948 J - D
Registered-------------------- 61952
80 110 M ar’05
Leroy A C V A L 1st g 5s.. 1926 J - J
____ 92
95
Hocking Vul 1st coua g 4>3a. 1999
92*2 July’ 15 . . . . 91
85
87*2
85l2 853S
85*8
Pac R of Mo 1st ext g 4s. .1938 F - A 85
97*4 Jan ’ 14
Registered. ...................... 1999
92
96
97*2 J’ly ’ 14
2d extended gold 5s----- 1938 J - J
83*2 84*2 84 July’ 15
Col A II V 1st ext g 48___1948
84
85*2
95 101*2
07 14 90
97
97
St L Ir M A S gen con g 5s 1931 A -O
90*2 Juno’ H
Col A Tol 1st ext 4s......... 1955
102 J’ ly *14
Gen con stamp gu g 5s----- 1931 A - O
93
93U
93*2 Feb ’ 15
Houston Belt A Term 1st 5s. 1937
’62*2 71
Unified A ref gold 4 s ... 1929 J - J 6314 GO G33s July’ 15
96
97*2 96*8 July’ 15 —
Illinois Central 1st gold 4S..1951
96*8 97*2
807k Oct ’ 12
Registered_________1929 J - J
Registered-----------------------19"*
------ 95*2 100 Sep ’ ll
50
69
50U Sale 50*4
57*4
Rlv A G Div lstg 4 s ... 1933 M-N
5 78*4 83*8
80
81
81
81*2
1st gold 3 >3a----------1951
89
92*2 Dec ’ 13
Verdi V I A W 1st g 5s___ 1926 IYI- Hj
88*2 Feb ’ 13
Registered------------------- 1951 j - [ ____ 82
110*2
114*4
111
117
112*4
June’
15
Mob
A
Ohio
new
gold
Gs___
1927
J
D
80
82*2 78*4 Deo ’ 14
Extended 1st gold 3>38 ___1951 A 114 114
1st extension gold Cs___ M927 Q - J 103 106 114 Apr *15
------ 83
Registered____________ 1951 A 72
75
72 Mar’ 15
General gold 4s.......... ........ 1938 M- S
80 J’ly ’09
1st gold 3s sterling_______ 1951
100
101*2
June’
15
■______
100
100
Montgom
Dlv
1st
g
5s----1947
F
A
Registered------------------- 1951
95 Dec ’ 13
St Louis Dlv 5s__________ 1927 J - D
81
84
8 l 5s July’ 15 . . . .
81s8 87*4
Coll trust gold 4s-------------1952
87
87
87 Jan *15
St L A Cairo guar g 4s----- 1931 J - J
95*4 Sep ’ 12
Registered------------------- 1952
104*2 ICOSg
2 85*a 88*8 Nashville Ch
87
St L lat 5s_.192s A -O 10378 ____ 105 July’ 15
80 ____ 87
1st refunding 4s.................1955
111 Jan ’ 13
Jasper Branch lstg 6 s----- 1923 J - J
82 Feb ’ 14
------ 84
Purchased lines 3>3s--------1952
10334 Jan ’ 14
McM M W A A1 1st 6 s . . . 1917 J - J
7 7978 86*3
80*2 88
80*2
S0*2
L N O A Tex gold Is........ 1953
113 J’ly *04
T A P Branch 1st Ga.......... 1917 J - J
____ 95*2 84 May’ 14
Registered_______
1953
5934 58 Juno’ 14
Nat Rys of Mex pr lien 4HS.1957 J - J
80
89
____ 92*4
Cairo Bridge gold 4s------- 1950
Feb *13
____ . . . .
Guaranteed general 4s----- 1977 A -O
74 Feb *14
Litchfield Dlv 1st g 3s___ 1951
"S4
9678 Feb ’ 13
76*2 Juno'15 . . . . 70*2 77*2 Nat of Mex prior Hen 4H3--1926 J - J
Loulsv Dlv A Term g 3 >38.1953
50 Apr *14
“ ’ l l 83 Aug ‘ 12
1st consol 4a.......... ............ 1951 A - O
Registered------------------- 1953
31*4 41
40 May’ 15
................. 123 May’99
N O Mob A Chic let ref 5a.. 1960 J - J
Middle Dlv reg 5s........ ..1921
101 Juno’ H
...............
N O A N E prior Hen g 6s..pl915 A - O
68
73
Omaha Dlv 1st gold 3a— 1951
79*2 May’ 13
New Orleans Term 1st 4s__ 1953 J - J
____ 70
75*2 Mar* 12
St Louis Dlv A Term g 3 s. 1951
9912 104
103i2
N Y Cen lilt deb 6 s wh Isa.. 1935 IYI-N 103*2 Salo 10234
* ------ 80
80 Apr '15 . . . . 78
80
Gold 3 >33.......................1951
86
89*a
87 Sale 87
87
................. IOl's Oct ’99
Ref A imp 4H » “ A” .........2013 A -O
Registered__________ 1951
7012 8134
79
................. 78*8 Mar* 14
N Y Central A II R g 3H8--1997 J - J 7778 Sulc 7778
Spring! Dlv Istg 3>3s____ 1951
75*2
78*4
78*4
M
ay’
10
76*4
_______
Registered----------------1997
J
J
85 July’ 15
85
88
Western lines 1st g 4s___ 1951
84
89
86
86 Sale 85
.................
Debenture gold 4s_______ 1934 Ml- N
Registered.............
1951
8978 June’ 14
.............
Registered.............
1931 fVJ- N
BcIIev A Car 1st 6 s_____ 1923
117*2 May’ 10
72
75
72
73
72*2
72*2
Lake Shore coll g 3Ha----- 1998 F - A
3 ................. 94*2 J’ly ’ 12
Carb A Shaw 1st gold 4 s .. 1932
71
72*2
72*2 72*2
72*2
Registered____ ______ 1998 F - A
107
3 106*2 10978
Chic St L A N O gold 5s . _ 1951
105*8 107 107
77*2 80*4
78
77*2
78
J P M A Co ctfs of dep........ ........
) ................. 114 Feb ’ ll
Registered____________ 1951
68*4
717i
70
July’
15
71
.................
Mich
Cent
coll
gold
3
H
s
-.
1998
F
A
90 Oct ’09
Gold 3 >3a..................... 1951
69
70
70*4 09 Juue’ 15
Registered------------------1998 F - A
_________
Registered__________ 1951
Battle Cr A Stur 1st gu 3s. 1989 J - D
09
9933 99*8
4 98*2 100*8
Joint 1st ref 5s series A . 1963
9938
92*2 96
93*2 96 June’ 15
Beech Creek 1st gu g 4s__ 1930 J - J
) _________ 86*2 Mar’ 15
Memph Dlv ls t g 4 s...1951
86*2 86*2
99 May’ l l
Registered___________ 1930 J - J
3 .................
Registered__________ 1951
' 102*2
2d guar gold 5s__________ 1930 J - J
St Louis Sou 1st gu g 4 s.. 1931
5 ------ 95*2 03 J’ ly ’08
Registered................ 1930 J - J
1 82 ____ 85*3 Feb ’ 15
83*2 85*8
Ind 111 A Iowa 1st g 4 s.......... 1950
Beech Cr Ext lstg 3 Ha_.M951 A - 0|
Int A Great Nor 1st g 6 s----- 1919
____ 99
99 June’ 15
98 100
88 Oct ’ 12
Cart A Ad 1st gu g 4s____ 1981 J - D
90*3
James Fran A Clear 1st 4s. .1959
)
84*2 85*2 84*8 July’ 15 ___ 88
Gouv A Oswc 1st gu g 5s. . 1942 -D *99
4 67*4 09
Kansas City Sou 1st gold 3s. 1950
67*4 Salo 67*4
67*2
95*2 June’ 14
Mob A Mai 1st gu g 4 s ... 1991 M- S 87
) .............
Registered-----------------------1960
86
86
86 Jan ’ 15
N J June R guar lat 4s__ 1986 F - A
1 87*4 92
Ref Impt 5s............Apr 1950
------ 8778 877s
877S
85
85
85 June’ 15
N Y A Harlem g 3 Ha___ 2000 M -N
7 84*2 93
84i2 Sale 84G
84*4
Kansas City Term 1st 4 s . .. 1960
1011* lOUa
101*2 Mar’ 15
N Y A Northern 1st g 5a_.1927 A -O
16 89*4 08*2
95 Salo 95
95
Lake Erie A West 1st g 6 s .. 1937
88
.
.
.
.
88
88
June’
15
A
O
N
Y
A
Pu
1st
cons
gu
g
48.1993
------ 7934 94*4 May’ 14
2d gold 5s.......................1941
Nor A Mont lat gu g 5s— 1916 A - O
98 Mar’ 14
North Ohio 1st guar g 5 s.. 1945
------ 100*8
113 113
113 May’ 15
Pine Creek reg guar 6 a----- 1932 J - D
*100
____ 100*4 Junc’ 15
99*4 101*2
Leh Vull N Y 1st gu g 4>3a..l940
101*1 103*4
R W A O con lat ext 5a..A 1922 A -O 102*8 104*4 102*4 July’ 15
997* June’ 15
99 100*8
1 ------ 99
Registered______________ 1940
100*8 Mar’ 15 — -1 100*8 100*8
Oswe A R 2d gu g 5a___ 61915 F - A
6 87
87*4
87*4
Lehigh Vail (Pa) cons g 4s._2003
____ 87*4 87*4
It W A O T It 1st gu g 5a.. 191S IYI-N 100 ____ 104 June’ 10
2 97*4 99*4
98
General cons 4>3s------- 2003
r 08
98*8 98
90 Apr *13 —
Rutland 1st con g 4 H a ._. 1941 J - J
____ 107*4 106*8 Fob ’ 15 — * 105*4 106*8
Leh V Term lly 1st gu g 5s. . 1941
'7 6 ‘ " t o "
70 Feb ’ 15
. 71
Og A LCham lstgu4agl94S J - J
111*8 Dec *11
Registered_______________1941
92 Junc’09
Rut-Canada 1st gu g 4s. 1949 J - J
1 102*2 104*4
103*4
Leh Val Coal Co 1st gu g 5s. 1933
1 0 2 *2 ____ 103*4
101
101
Mar’
15
101
J
J
!
10634
St Lawr A Adir 1st g 5s— 1996
r 102 ____ 105 Oct ’ 13
Registered__________. . . 1933
119*2 Mar’12 ——
2d gold 6 s___ ________ 1996 A - O
lat Int reduced to 4s____ 1933
Due freb. tf Due April.
Due May. 0 Due June. A Due July,
Due Aug. o D n e O o t *
• No price Friday: latest bid and asked this week. a Due Jan.
Due Nov.
Option sale.

J

A

A

A

A

A A

J-

A A
A
AA
A
A

A

A
A A

JJ

J■

A

A

A

%

A

11

V

3

)

A

s




0

s

k

{Con.)

W Y Cen H RR
Utica & Blk lttv gu g 4s__ 1922
Lake Shore gold 3>*s......... 1997
Registered..................... 1997
Debenture gold 4s____ 1928
25-year gold 4s________ 1931
Registered_________ 1931
Ka A G R 1st gu c 5s__ 193S
Mahon C’l RR 1st 5s........ 1934
Pitts & L Erie 2d g 5s__ al92S
Pltt3 McK A Y 1st gu 6s_1932
2d guaranteed 6s.......... 1934
McKees A B V 1st g 6s. 1918
Michigan Central 5s........ 1931
Registered..................... 1931
4s....................................1940
Registered ................. 1940
J L S 1st gold 3J*s__ 1951
1st gold 3 ,4 s................... 1952
20-year debenture 4s__ 1929
N Y Chic & St L 1st g 4 s.. 1937
Registered ..................... 1937
Debenture 4s................. 1931
West Shore 1st 4s gu ar...2361
Registered.....................2361
N Y C Lines eq tr 5s. .1915-22
Equip trust 4 4 s . .1910-1925
N Y Connect 1st gu 4 4 s A . .1953
N Y N H Hartford—
Non conv deben 4s.......... 1947
Non-conv d-ben 3 4 s ___ 194
Non-conv deben 3 4 s ____ 1954
Non-conv deben 4s.......... 1955
Non-conv deben 4s_____ 1956
Conv debenture 3 4 s ......... 1950
Conv debenture 0s_______ 1948
Cons Ry non-conv 4s____ 1930
Non-conv deben 4s____ 1954
Non-conv deben 4s____ 1955
Non-conv deben 4s____ 1955
Non-conv deben 4s____ 1956
Harlem R-Pt Ches 1st 4s. 1954
B & N Y Air Line 1st 4 s.. 1955
Cent New Eng 1st gu 4 s.. 1961
Hartford St Ry 1st Is___ 1930
Ilousatonic It cons g 5 s ... 193/
Naugatuck RR 1st 4s___ 1954
N Y Prov & Boston 4s__ 1942
NYW ’ches&B 1st ser I 4 4 s '40
N II Derby cons cy 5 s.. 19IS
Boston Terminal 1st I s . . . 1939
New England cons 5s___ 1945
Consol 4s.......................1945
Providence Secur deb I s .. 1957
Prov & Springfield 1st 5s. 1922
Providence Term 1st 4 s.. 1950
W Con East 1st 4 4 s . ..1943
N Y O A W ref 1st g 4s___ £1992
Registered 35,000 only_.gl992
General 4s___________ ..1955
Norfolk Sou 1st A ref A 5 s l"1961
Norf A Sou 1st gold 5s____ 1941
Norf A West gen gold 0 s ... 1931
Improvement A ext g 6 s.. 1934
New River 1st gold 6s___ 1932
N A W Ry 1st cons g 4s.. 1990
Registered.................
1990
•Dlv'l 1st lien A gen g 4s. 1914
10-25-year conv 4s........ 1932
10-20-year conv 4s........ 1932
10-25-year conv 4 4 s . . 1938
Pocah C A C Joint 4 s.. . 1941
C C A T 1st guar gold 5 s.. 1922
Sclo V A N E 1st gu g 4s. . 1989
Nor Pacific prior lien g 4 s ... 1997
Registered____________ 1997
General lien gold 3s........ a2047
Registered............ ........u2047
St Paul-Duluth Dlv g 4s. 1996
Dul Short Line 1st gu 5 s.. 1916
St P A N P gen gold 6 s ... 1923
Registered certificates.. 1923
St Paul A Duluth 1st 5 s.. 1931
2<1 Ss...............................i9i7
1st consol gold 4s.......... 1968
Wash Cent 1st gold 4 s...1948
Nor Pac Term Co 1st g Os.. 1933
Oregon-Wash 1st A ref 4 s ... 1901
Pacific Coast Co 1st g 5 s ... 1940
Pennsylvania RR 1st g 4s
1923
Consol gold 5s.............
1919
Consol gold 4s_________ 1943
Convertible gold 3>*s___ol915
Consol gold 4s................... 1948
Consol 4 4 s when Issued.. 1960
General 4 4 a when issued 1965
AHeg Val gen guar g 4s . . 1942
£ K RR AB 'ge 1st gu 4s g 1936
Phtla Balt A W 1st g 4s. 1943
Sodus Bay A Sou 1st g 5s.2924
Sunbury A Lewis 1st g 4s. 1930
U N J RIt A Can gen Is. 1944
Pennsylvania Co—
Guar 1st gold 4 4 s_______ 1921
Registered...............
1921
Guar 3 4 s coll trust reg A . 1937
Guar 3 4 a coll trust ser B.1941
Trust Co ctfs gu g 3 4 a .. .1916
Guar 3 4 s trust ctfs C___ 1912
Guar34s trust ctfs D ___ 1944
Guar 15-25-year gold I s .. 1931
40 year guar 4s ctfs Ser E. 1952
CIn Leb A Nor gu Is g
1942
Cl A Alar 1st gu g 4 4 s . . .1935
Cl A P gen gug 4 4 s ser A . 1912
Series B...................
1942
Int reduced to 34sIIl94 2
Ser es C 3 4 a ................. 1948
Series D 3 4 s................. 1950
Erie A Pitts gu g 3 4 a B..1940
Series C ___________
1949
Iex lst8U g4)*sIIl941
Ohio Connect 1st gu 4s__ 1943
Pitts Y A Ash 1st cons 5s 1927
Tol W V A O gu 4 4 s A .. 1931
Series B 4 4 s ___
1933
Series C 4s................."*1942
P C C A St L gu 4 4 s A ll 1940
Series B guar................. 1942
Series C guar ........~~1942
Series D 4s guar___ III 1945
Series E 3 4 s guar gold. 1949
’ erles F guar 4s gold...1953
Series G 4s guar............. 1957
C St L A P 1st cons g 5s. 1932
Peoria A Pekin Un 1st g Oa 1921
2d gold 4 4 a .....................M 921
Fere Marquette— Ref 4s___ 1955
Refunding guar 4 s_______ 1955
Chic A West Mich 5s........ 1921

&

A

A

A

A

*3
s

Price
Week’<or
Friday
Range
July
30
Last Sale
Bid Aik Low High
9512 ____
82is 82l4
807S ____
91i8 Sale
90 Sale

97 Feb ’ 15
82%
82%
81 % June'15
90%
91%
89%
90%
9178 June’ 14

10312____
104% 104%
114 ____
J 111 116
J 101 ____
S 102%____
M
J
J
S
N
O 78% 80
O 89% -----O
N ____ 77
89
J 88
J 88
88%
N 9978 -----J
A

107% Apr ’ 14
103 Jan ’ 15
130% Jan ’09
123% M ar’ 12

J

D
D
S
N
N
J
J

O
J

S 78
82
8 ____ 70
66
70
0
77
80
j
76% 7714
-N
69%
J 68
J 109 110
A 7 5 % -----J ____ 72
-O
J
N
A
J

S
N
N
O
J
N
O
J
J
N
J
S

sS

May’ 15
103% May’ 14
98 Apt ’ 12
87 Feb ’ l l
90 June’OS
81 July’ 15
79 July’ 15
89%
90
92% J’ly ’ 14
76% June'15
89
89
86%
86%
100 Mar’ 15
98 J’ly ’ 14
91% May’ 15
77 J’ ly ’ 14
63 Feb ’ 15
67 June’ 15
77 July’ 15
76 Apr ’ 15
70 July’ 15
108%
109

81%
81
90
883-1

84%
82
9312
9278

102-38 102%

7978 81U
78t4 83
89l8 9334
76t2
S3
857s
100

79U
92i2
89%
100

9tlo *95%
63
64
71
70
61%

63
07
77%
76
70

101 112

91% Jan ’ 12
—

------

88
------

99% N o v '12
99% June'12
78% 79 May’ 15

105%------ 105% May’ 15
90 ------ 87 J’ly ’ l l
88 A u g'13
71% 76
74%
75
MOO ------ 107 Aug ’09

____ 84
_________
.................
____ 77
_________
____ 76
____ S3
90 -----110% H7%
116% 117%
114 -----88 Sale
____ 92
____ 86%
104% 106
104% 108
102% Sale
87% 89^4
100%-----87% 89
00% Sale
____ 90
62% Salo
____ 65%
9 0% ------

99%
56
99%
83%

M ar’ 12
Apr ’ 15
; ee ’ 14
Feb ’ 14

79

79

105

10512

06<2 78l2

55

53l2

75” " 7 5 "
75
823s
92% June’ 12
76 June’ 15
7512 SO
9 4 June’ 14
101
101
101 102
115% July’ 15
11578 118
119 Feb ’ 15
119 119
119 Apr *15
119 119
87%
88%
8714 91
94 May’ 14
87-% June’ 15
87l8 8S12
102% July’ 15
9878 10434
102 % July’ 15
99% 103
102%
105%
101 105l2
87%
87%
87*4 90U
105% Jan '13
89 June’ 15
89
91
90%
91% 340 8334 93 <8
91% June’ 15
88% 92
62%
62% 150 62
06
63% June’ 15
61% 03>2
90% June’ 15
90% 90%
S
100%.Sep ’ 13
A 110 113 109% July’ 15
109U l l l l 8
A
115% Aug '11
F 102%------ 102 Feb ’ 15
102 102
____
102
O
100% Jan ’ 15
lOOU 100U
88
90% 88 June’ 15
I)
88
88
M
81% Dec ’ 13
J ____ 110%
111 113
J 81 Sale 81
81
79l2 88
D 94% 95
95% June’ 15
94
98%
N 95% 97
96 July’ 15
96
98
S 102 ____ 102 May’ 15
102 102
95
____
N
97% May’ 15
97i2 9Sl2
D 100% Sale 100%
100%
99% 1007s
97
97% 97
-N
97%
97
98%
A 102% Sale 102%
102%
102U 10178
97% Sale 97%
97%
97
9814
S 93 ------ 04 May’ 15
935s 91
A *91 ------ 91 Mar' 14
9 5 % ------ 99% J'ly ’ 13
N
J
102 Jan ’03
J
S 99 ------ 93% Feb ’ 15
98% 9834

D
A
N
A
-A
O
O
O
J
D
S
S
D
J
N
J
J
F
F
D

J
J

s
A
N

D
D

O
N
N
N
J
O
O
N
A
J
J
J
S
N

JSJ

O

O
N
N

A
D
N
O
F

N
J
J
D

99% 100% 100%
100%
100 July’ l.'i
84% Apr 'l l
81 ------ 86 July’ 15
9 9 % ------ 99% June’ 15
____ 83% 83 Feb ’ 15
.. 81% 84 J’ly ’ ll
____ 92
93% July’ 15
____ 89% 92% May’ l l
84 ------ 93% Apr ’ 14
95 ------ 98 May’ 14
101% N ov’ 13
109% J’ly ’09
8 3 % ------ 91% Feb ’ 12
8 3 % ------ 90% Oct ’ 12
8 4 % ------ 83% June’ 15
84% 89
86% May’ l l
8 4 % ------ 90% J’ly ’ 12
91 ------ 95 July’ 15
93 May’ 14
102%------ 109 May’ 10
9 6 % ------ 97% July'15
96 ------ 98% Juno'15
93% J’ly ’ 14
98
98
98% 98
98 100% 98
98
97% July’ 15
90% 93% 92% June’ 15
*90% ____ 90% July’ 15
*90% ____ 95% Jan ' 14
____ 92% 93% May’ 15
_____ 106% May’ 14
101%____ 101% May’ 15
89 Feb ’ 14
____ 20
11% June’ 15
____ 19
40 Dec ’ 13
72 ____ 73 May’ 14

• No price Friday; latest bid and asked.
Option sale.




102%

Range
Since
Jan. 1
Low
High
90
97

._

a Dus Jan.

6 Dus Feb.

9934 102-18
99'2 100
84
99
83

86
99U
83

92U 94l2

83% 8334
95”

IOO*

9712 9 7 J3
93U OS'4
98 101%
975s 10U2
97% 10H2
92i2 9334
90
915s
93-34 9334
Idl38 l6i%
’ i f i 2 *ii%

* Due May.

BONDS
N. Y. STOCK EXCHANGE
Week Ending July 30.

{Con.)

Price
Week’sor ■§3 Ranoe
Friday
Range
Since1
July
30
Jan.
Last Sale a;
Bid As* Low High No. Low Hlgk
A - O 97 ____ 90 M ar’ 15
90
90
S "*3
£.2

Pere Marquette
Flint A P M gold 63 ...1 92 0
1st consol gold 5s______1939 fVl - N
Pt Huron Dlv 1st g 5 s.. 1939 A - O
Sag Tus A H 1st gu g 4 s.. 1931 F - A
Philippine Ry 1st 30-yr s f 4s 193 j - j
A- O
J - J
Reading Co gen gold 4s___ 1997 j - .1
Registered.......... .......... 1997 j - j
Jersey Central coll g 4s__ 1951 A -O
Atlantic City guar is g__ 1951 J - j
St Jos A Gr Isl 1st g 4s.........1947
St Louis A San Fran gen 63.1931 j - j
General gohl 5s.......... ...... 1931 J - J
St L A S I*’ RR cons g 4 s.. 1996
General 15-20-year 5s.. 1927 M -N
Trust Co certlfs of deposit.,
do
Stamped..
Southw Dlv 1st g 5s__ 1947 A - O
Refunding gold 4s____ 1951 J - J
Registered...... ............ 1951 j Trust Co ctfa of deposit..
do
Stamped. .
K C Ft S A M cons g 6 s..1928 M -N
K C Ft S A M Ry ref g 4s.1936 A - O
K C A M R A B 1st gu 5s. 1929
St L S W 1st g 4s bond ctfs.. 1989 M- N
2d g 4s Income bond ctfs.pl989 J - J
Consol gold 4 s ................. 1932 J -D
Gray’s Pt Ter 1st gu g 5 s.. 1917
8 A A A Pass 1st gu g 4s___ 1913 j - j
S F A N P 1st sk fd g 5s..........1919 j - j
Seaboard Air Lino g 4s_____ 1950 A -O
Gold 4s stamped________ 1950 A - O
A-O
Registered____________ _
Adjustment 5s_________ 01949 F - A
Refunding 4s___________ 1959 A - O
Atl Blrm 30 yr 1st g 4s..el933 M- S
Car Cent 1st con g 4s____ 1949 J - J
Fla Cent A Pen 1st g 5 s.. 1918 J - J
1st land gr ext g 5a____ 1930
Consol gold os............... 1913
Ga A Ala Ry 1st con 5 s ..01915 J - J
Ga Car A No 1st gu g 5 s.. 1929 J - J
Scab A Roa 1st 5s_______ 1926 J - J
Southern Pacific Co—
Gold 4s (Cent Pac coll)_A19 49 J -D
Registered___________ *1949 J - D
20 year conv 4s________ 1929 M- S
20 year conv 5s................. 1931 J -I )
Cent Pac 1st ref gu g 4 s.. 1949 F - A
Registered____________ 1949 F - A
Mort guar gold 3>*-S--fcl929 J - D
Through St L 1st gu Is. 1954 A - O
G II A S A M A P 1st 5 s.. 1931 IY1-N
Glia V G A N 1st gu g 5 s.. 1924 iY!-N
Hous E A W T 1st g 5 s ... 1933 M-N
1st guar 5s red________ 1933 M-N
H A T C 1st g 5s Int gu__ 1937 J - J
Gen gold 4s Int guar___1921 A - O
Waco A N W dlv 1st g 63 1930 M -N
A A N W 1st gu g 5s_____ 1941 J - J
Louisiana West 1st 6 s____ 1921 J - J
Morgan's La A T 1st 7 s.. 1918 A - O
1st gold 6 s ____________ 1920 J - J
No of Cal guar g 5s______ 1938 A - O
Ore A Cal 1st guar g 5 s ... 1927 j - j
8 0 Pac of Cal— Gu g 5s__ 1937 M- N
So Pac Coast 1st gu 4s g__1937 J - J
8 an Fran Terml 1st 4s___1950 A - O
Tex A v O con gold 5s__ 1943 J - J
So Pac RR 1st ref 4s_____ 1955 j - j
Southern— 1st cons g 5s____ 1994 j - j
Registered____________ 1994 .1 - j
Develop A gen 4s Ser A .. 1956 A - O
Mob A Ohio coll tr g 4s__ 1938 M- S
Mem Dlv 1st g 4 H 5s___ 1996 J - J
St Louis dlv 1st g 4s_____ 1951 J - J
Ala Cen 1st g 6 a_________1918 J - J
Ala Gt Sou 1st cons A 5 s.. 1943 J - D
Atl A Char A L 1st A 4Hsl9 14 J - J
Atl A Danv 1st g 4s______1948 J " J
2d 4 s . ...........................1948 J - J
Atl A Yad 1st g guar 4s__ 19 49 A -O
Col A Greenv 1st 6 s_____ 1916 J - J
E T Va A Ga Dlv g 5s___ 1930
Con 1st gold 5s________1956 M- N
E Ten reor Hen g 5s........... 1938 M- S
Ga Midland 1st 3s............ 1916 A - O
Ga Pac Ry 1st g 6 s_____ 1922 J - J
Knox A Ohio 1st g 6 s ___ 1925
Mob A Blr prior lien g 5a.1945 J - J
Mortgage gold 4s_____ 19 45 .1 - J
Rich A Dan deb5sstmpd.l927 A - O
Rich A Meek 1st g 4s____ 1948 M N
So Car A Ga 1st g 5s......... 1919 M-N
Virginia Mid ser C 6 s___ 1916 M- S
Series D 4-5s................. 1921 M- S
Series E 5s___________ 1926 M- S
Series F 5s___________ 1931 M- S
General 5 s...................... 1936 M -N
Va A So’ w'n 1st gu 5 s ..2003 J - J
1st cons 50-year 5 s.. 1958 A - O
W O A W 1st cy gu 4s___ 192 4
Spokane Internat 1st g 5s___1955 J - J
Ter A of St L 1st g 44*8___ 1939 A - O
1st con gold 5 s ...1894-1944 F - A
Gen refund a f g 4s_______1953 J - J
St L M Bridge Ter gu g 5s 1930 A - O
Tex A Pac 1st gold 5a______ 2000 J -I )
2d gold Inc 5s__________ ?2000 M ar
La Dlv B L 1st g 5s......... .1931 J - J
W Min W A N W 1st gu 5s 1930 F - A
Tol A O C 1st g 5s................. 1935 J - J
Western Dlv 1st g 5s_____ 1935 A - O
General gold 5s__________ 1935 J - D
Kan A M 1st gu g 4s_____ 1990 A - O
2d 20-year 5s_________ 1927 J - J
Tol P A W 1st gold 4s........... 1917 J - J
Tol St L A W pr lien g 34*3.1925 J - J
50-year gold 4s__________ 1950 A - O
Coll tr 4s g Ser A_______ 1917 F - A
Tor Ham A Buff 1st g 4 s..A 1948 J - D
Ulster A Del 1st con g 5S..1928 J -D
1st refund g 4 s ................. 1952 A -O
Union Pacific 1st g 4s........... 1947 J - J
Registered.............
1947 J - J
20-year conv 4s................. 1927 j - j
1st A ref 4s.............
02008 M- S
Ore RR A Nav con g 4s__ 1946 J -I )
Ore Short Lino 1st g 6 s__ 1922 F - A
1st consol g 5s........ ..... 19 46 J - J
Guar refund 4s............... 1929 J - D
Utah A Nor gold 5s____ 1920 J - J
1st extended 4s_____ 1933 J - J
Vandalla cons g 4s Ser A .. 1955 F - A
Consol 4s Series B_______ 1957 M N
Vera Cruz A P 1st gu 4 4*s..l93 4 J - J
Virginian 1st 5s Series A____ 1962 M -N
Due June. A Due July. *Due Aug.

j

J

j

g

72

____

10

55

70
68

July’ 15 . . . .
July’15

65% 70
65
68

65 May’ 14
108% May’ l l
113% N o v ’ l l
66 91
92% Sale 92%
93
1 90
90% 93% 91
91
91% 92% 92 July’15 . . . . 91

95*%
03
93%

i 60% 73
____ 60% 60%
60%
106 107 106% July’ 15 ___ 105% 108%
99 101%
99% 100% 100 July’ 15 —
75 J’ly ’ l l
4 4% Sale 44%
44%
2 35
51%
44% Sale 44%
16 32% 51
44%
42
44
42
42
15 32% 49
93 Dec ’ 13
1 03% 71%
66% 67
67
67
80% M ar’ ll
6 6 % ____ 6 0 % July’ 15
60% 71%
60% Salo 60%
15 00% 08
60%
105% 107% 106 July’ 15
105% 110
4 09
70%
73%
68
69% 09%
19
73%
72% Sale 72%
60 May’ 15 Si
55
64
12
56 Sale 54
57
9 8 % ____ 93% Jan ’ 14
18
65 Sale 05
65
100% ____ 100% Junc'lS —
------ 82
75 Dec ’ 11
------ 81
78% June’ 15 . . . .

72% 80
55
60
54
62%

61%
63% 58
68 July’ 15 ___
83 June’ 15
85% M ar’ 15
1
100%
100%
104 N o v ’ 12
101 July’ 15
------ 103% 102% M a r’ 15
____ _____ 101% July'15 ___
................. 101% M ar’ 15 —
80% 81% 81
1
81
90 Feb T4
80% Salo 80
80% 39
981.1 Sale 97%
98% 132
85% Sale 85%
80% 170
------ 88
86% M ar’ 15
------ 86% 86 July’ 15 ___
------ 85
84% June’ 15
____ 102
102 M ar’ 15
____ 101
9 9 % ____ 100 July’ 15
98% 101
99% June’ 15
103 105% 104 June'15
93% ____ 94% July’ 15
108 111 108 M ar’ ll
100 103 100 June’ 15 . . . .
109 June’ 14
____ 106
101% July’ 15 . . . .
------ 106
100% J’ly ’ 14
112 Feb ’0 /
100% Sale 100%
11
100%
106%____ 101% N ov’ 13
9 1 % ____ 91% Sep ’ 12
80% Sale 80%
80% 21
96 Apr ’ l l
85 Sale 85
85% 190
98% Salo 9,8%
99
62
------ 99% 98 June’ 15
58% Salo 5-8%
60% 142
------ 66
71 June’ 15
------ 99% 99% July’ 15 ___
------ 83
81 July’ 15
100% 103%
------ 98
99% May’ 14
91% 93
93 July’ 15 ___
------ 82
83% Apr ’ 15 . . . .
82% Feb ’ 12
75% Dec '14
100% J’ly ’ 14
102% May'15
102 Sale 102
102
1
97
99
99 June’ 15
------ 65
04% May’ 13
------ 107
107 June’ 15 . . . .
105% July’ 15
109%____ 105% N ov’ 12
------ 82
79 M a r'13
102 May’ 15
73 Sep ’ 12
____ 100% 100% July’ 15
100%____ 100% M ar’ 15 . . . .
103% N o v '12
102 Dec T3
102%------ 101 M ar’ 13
103 July’ 15
100 101 100 July’ 15
80% 86
81% July’ 15 ___

59% 71%
66
70
81
83
84% 85%
100 % 100 %

62 Sale
67
69%
____
3 2 % ____
100% Sato

__

__

____ 98
96% June’ 14
____ 95% 91%
94%
1
101 101% 101 May’ 15 ___
____ 80
.84 Junc'lS . . . .
100 M ar’ 15
9 2 % Salo
92
92% ‘ 7
30
33
30 July’ 15
85
90
95 May’ 14
____ 95 106% N ov'0 4
99% 102
99% Junc’ lS . . . .
101 A ug'13
____ 98% 101% Apr '14
8 5 % ____ 88 M ar’ 15
92
97
i
92
92
63 Sale 02%
3
63
72% 75
70 Apr ’ 15
2
45
46
45
45%
____ 50
43 Juno'14
82% M a r'15
100 101 100% July’ 15 ___
*74 ____ 74 M ar’ 15 ___
101
93% Sale 9.3
94
95% May’ 15
19
88% 89
89
89
7
86%
86
86% 86
5
88%
88%
88% 89
103 ____ 108% July’ 15 ___
5
103 Salo 103
10.3
88% Sale 88%
89% 98
103% June’ 15 . . . .

__

11
11

BONDS
N. Y. STOCK EXCHANGE
Week Ending July 30.

A

[Vol. 101.

New York Bond R ecord— Continued— Page 3

358

05
80~
99% 100%
78

100%
100%
100%
101 %

83%

10 1
102%
102%
101 %

79% 86%
79%
95%
85%
86%
85%
84%
102

83*4
101%
90
80%
89
87
102%

100*
99%
104
93

103*
99%
107
95%

ioo

102 %

102

104%

99% 101%
77% 82%
83%
98%
98
58%
71
98%
80%

89*
101
98
69
76
100
83%

93
94%
83% 85%

102% 102*%
102 104%
99
99
ion 107
105% 105%
102

1*0*2%

ioo" 101
100 % 100 %

io2 103%
98% 101
81% 83
94% 99*%
100% 102
83
84
100

92
29

100

96
36%

99% 103*
86
92
62%
76
42%

86%
96
68
78
53%

82%
9,8%
74
93
93
88
85%
88
107%
103
87%
103%

87%
101
74
97%
95%
91%
92%
91%
109%
106
91%
103%

93 Apr '13
92% May’ l l
____ 90
9 4 Oct ’ 12
9-4% Sale 94%
94%
8 93% 99%
0 Due Oct.
Due Nov. j Due Deo.

v

J uly 31 1915.1

39 M-Jv
39 F - A
31 M-

41 J -

11 A -O
1 M54 J - L
Cent and Old Col Tr Co certs.
Columbia Tr Co certfs____
Col Tr ctfs for Cent Tr ctfs.
54 J -E
Trust Ce certfs.
15 F -A
1.5 F - A
52 A
57 J - J
13 A - C
3 Nov
!6 A -C

-1

91

91

91i

c
___

91

99% Sale
.IIF -A
0 F - A 99% 101
9 F - A ____ 81%
9 F - A 80% Sale
1 J - J 73% 75
7 F - A 9234 93%
i j - j
■j - j

*93 ‘ I ’
0 8% -----OQlg

Apr ’ 15 - - - 11
82
June’ 15

•uvu.i/./iy-m cuyy VUII ** C

91
70 Sale
21% Salo
98*2 - 74*4 Sale

4

70
14

75% 166

73% 79%
96*4 93%
87
91
86
91%

3J -D
3 M- S
3 M- S
8 F - A
6 F -A
1J - J
1J - D
.•.•u u v u t/ V WHO B UP - . . . A 6 J - j
Montreal Tramways 1st A
f
1j - j
5 j - j
2 j - j
2A-O
2 M- N
0 M -N
f - A
5J - J
IVJ. , u , n « 1- ISC g OS- I'M 7 M- N
St Taul City Cab cons g 5 s..193:7 J - J
>j - j
0 A-O
7J - J
i A -O
3J - J
ja

'- o

97*4
97%
97*4 99
------ 98% 97 June’ lb
------ 99*4 101 Apr *14
80 M ar’ 14
101 % ____ 101 % June’ 15
92% Feb ’ 15
____ 91
___ 88
9 9 1 2 ____ 102 N nv’ 12

J

J-

II"
II’

J

J

103
104

63% May’ 15 . . . .
59% Mar’ 15 ___
13
40%
H%
88 June’15 —

___ IOH2 May* 14
____ 103
104

115% 116
100*4 103

97 F e b ’ 15
115%
116
100*4
9558
102

100*4

7973
29%

86

94%
78
73%
55%

78
70
50
84
86
99% 99%
100

100

78%
75
105%
94*4

82*3
82
107
97%
__

—
6S
63% 63%
59*3 59*3
40
55*8
88
89%

3 103

104%

97
97
40 109*3 118%
1 99% 100

------ 88%
102 ____
112 ____

Sen *08
4
102 %
100% May’ 15 —
100 Feb *1.3
1
101*4
101*4
92 Mar’ ll
104 Juno’ 15 ___
113 July’ 15 —

101% 103
100 % 100 %
_
101% 103%
...
102*4 104%
113 113

1 20 ' Sale
86% 87%
101 101%
99% Sale
90 ____
103% . . .
102% 102%
80
81%
105 109
93 101
.................

119%
120
87% July’ 15
100% 101
99%
99%
91% June’ 15
103 June' 15
103
103%
81
81%
.07 July’ 15
101 July’ 15
92% J'ly ’09

5
....
4
1
___
___
6
14
___
___
—

115 120
87% 83
100% 101%
97 101
90% 91*4
103 103
101% 103%
81
8558
106% 107
99% 101
.......... . . .

102
98

Sale
.

100 % 102*4

92*4 93% 92%
9 9 % ____
114 ____
99% 100
101% Salo
100 ____
991- . . .
------ 95*4
------ 95
98 ____

93%

3 91

88%
91 Feb '15
99*4 July’ 15 ___ 99*4
110
14 June'15
1 997g
00
100
99 Sep *13
13 101
toils
ioi%
2 9973
00%
100%
93 M ar’ 12
100
00 Jan '15
95 Feb ’ 15 __ 95
92 July’ 15
00 M ar’ 14
85% lune’ 12 . . .

94%

91
9934
115
101%
___
103
100%
_.
100
95
__
88% 95

M-N
M-N

Price
Friday
July 30.
Bid

Bonds
Sold

359
Week’s
Range or
Las Sale
High
. 101%
June’ 14
97 % June’ 15

A sie Low

9 9 % ____
------ 99*!i
------ 89
102%____.
93 ____
100 102

Range
Since
Jan. 1

No. Low

HiOh

97%
89
89 M ar’ 15
102% M ar’ 15 ___
96
...
100% Dec ’ ll
2 lOl”
101
101

.

76 Sale
127 135
9I7S Sale
85
86
85
90
____ 85
113 Sale
100 104
131 Sale
129 Sale
58 Sale
58 Sale
53 Sale
89*4 90%
87% 90

101
90
102%
....
103

6 70
75%
76
76
135 July’ 15
118 150
91%
9178 13 90% 93
2 84
85
85
85*4
1 84% 90
85
85
83
87
85 May’ 15
89 112% 117*8
112%
113
10 98 111
103%
103%
124%
132% 283 97 140%
12378
133% 187 94*4 140%
62, 30% 53
53%
58
1391 33% 58
53%
58
52
53
21 36
57
8 88*4 92%
89*4
90
88% Jan ’ 14
83 Apr ’ 14
*94”
I 100 J’ly ’ 14
70% 72
71 June’ 15
71
75
100 101
1007S 1007S "i too 101
104%____
89% M ar’ 15
89% 91%
------ 94
94 July’15 ___
92*4 95*g
------ 90%
86% May’ 15 __ i 86% 90
G i 86% 89%
86%
86% 86*s 86%
113 Sale 114
US
103 130
92% Feb ’ 14 19 1
------ 88
103% Jan ’ 14

_

_

III

__

99*4 100
9238 92*8
100% 100*8
03
93*4
102% Sale
81% 85
105% Sale
97*8 100
93% 95
119% Sale

1 997g 102*8
997g
997g
92*3
93
7 92
93*4
100%
100%
5 997« 100%
93 July’ 15 . . . . 91% 94%
102%
102%
1 100% 103%
2] ! 80
84
84
89%
105*8
105% HI 103% 106
100
100
3 92% 100
93% June’ 15 . . .
93% 93%
119%
119%
1 115 121%
121*4 May’ 14 ___
------ 95
97 A p r ’ 15
97
98%
98 June’ 14
5 517g 70
55
56
55
55%
102% 103 M ay’ 15 ----- 100*4 103
101 *8 102% 101
101 %
98% 101%
9734 Sale 95%
98
85% 97%
99% Sale 99%
9678 997a
99*8
------ 98
97*4 Jan ’ 15
97*4 97*4
96 ____ 96%
96%
94*4 97%
92% Sale 92*8
92
92%
95%
9978
99% Sale 9973
9978
95
64
05
64%
46% 67*4
65*s
95 Sale 93%
95
84
97
87% J’ly ’ 14
" 74"% *78% 74% July’ 15
74
79
102
102 102% 102
101% 105
100 % June’ 15
100% 101%
86% Sale 86 %
86*4
82% 87
1007s Sale 100%
10078
99 101%
100 . . . . 100 Oct ’ 1.3
-------100
100 July’ 15 ,
100 101%
10|
75
80
79
80
78*4 82
605g
60*8 80: 38
60% Sale 60%
63 Sale 60*8
63
63
52
92
94
92%
92%
89
93'*
74 Sale 72*4
75% 55CI 65
75%
9 121*4 124%
122% Sale 122%
123
100% 101 100%
102%
99% 102%
118% 120% 119
1 119 124
119
5 98*4 102
100 100% 100
100%
101 105 101%
10U
10 95% 110
100% 107 102 July’ 15
95 110
92% 95% 94%
94% '2 3 92
94%
83% . . .
83 June’ 15
83
85
9784 " i
97% 97'% 97*4
99%
95
9S% 98% 98%
98%
2 90
98%

1;

is!

98% June’ 15
95% 98*4
91 June’ 15
93
90
92%
927g
90% 93*4
89%
89%
88 % 92%
997*
100%
97% 100%
75 Mar’ 15
’’5
75
Stamped........................IIl930|J - J
91% Jan ’ 13
70% July’ 15
!
------ 277* 28% July‘ 15
1
J - D 10 D4 Sale 10134
102
101% 103%
102%
M-N 102% Sale 101%
99% 102%
S f 10-60-yr 5s(reg .IIIIdl963 M -N
1021,
10178
99*4 102*4
J - D ” 9 5 ’ ~95% 95
95%
89
97%
West Electric 1st 5s Dec___ 1922 J - J 100% Sale 100%
100
%
34 100% 102
^
J - J 105% Sale 105%
105% 145 89% 105%
Certs of deposit.........................
83
105 Sale 101%
105
103% 105
114*4 524C 1109% 11434
Conv f 5s (Iss of 1915) .1931
113 Sale 109%
100*4
10-year coll tr notes 5s___ 1917 A -O 100-%____ 100%
' 98% 101%
Latrobe Plant 1st s f 5s...1921 J - J
Interocean P 1st s f 5 s __ 1931 A - O
A-O

97
97%
90% 91%
927g Sale
89% 91%
100 Sale
75% ____

a

Coal & Iron

C
r
C
c

J -D
Debenture 5s........ ......... al92G M- S
F-A

C

C
I
S
']

Trust Co ctfs of deposit.

F -A
J -D
J -D
F - A
A -O
J - J
J - J
J - J

J - J
Blrm Dlv 1st consol 6 s ... 1917 J - J
Tenn Dlv 1st g 6s_____ al917 A - O
Cah C M Co 1st gu 6s___ 1922 J - D
v
J - J
V
M- S
A

T o le g r a p h

&

T e le p h o n e

__

92 J’ ly ’ 14
86
77% 81
78 June’ 15
90% ____ 92 July’ 15
72% 7678 73
73
73 M ar’ 14
------ 92% 88% Apr ’ 15
99K Feb ’ 14
------ 70
------ 94% 102% Apr ’06
90 July’ 15
------ 80
86
85%
85%
82 Apr ’ 15
81% July’ la
79% 85
101% ____ 101% July’ 15
101%
101% 102% 9978
101% 102 101% June’ 15
102 106 101 D e c ’ 14
73 Apr ’ 14
82
85
83” 85

k Due Aug

78
92
74%
88% 8S%

----

J - J 88% Sale
Convertible 4s.................. 1936 M- S 95 109
20-yr convertible 4 H s___ 1933 M- 8 101% Sale
J - D 99 100
C
Q - 1 75 ____
Registered ........................2397 Q - J 75
84
C
J - J
96% 97%
I
J - J
\
M - N 100% 101
N
F- A
97% 98*4
N
M -N 100% ____
\
M- N 95% 97%
P
J - J 97
97%
S
J - J
97% Sal
V
J - J 95
96%
Fd and real est g 4H s___ 1950 M - N
91% 95
Mut Un Tel gu ext 5s___ 1941 M - N
Northwest Tel gu 4Hs g . . 1934 - J 901*____

• No price Friday; latest bid and asked a Due Jan d Due April « Due May y Due June A Due July




Interest
Period

'Aa

97% 101
97
99

_____
___ 101 % 101 %
___
92*3 92%

94% Feb ’ 15
78 Feb ’ 15 ___
n
70
70%
11
50
50%
86 Apr ’ 15
99% Feb ’ 15 ___
92 M ar’ 14
100 May’ 15
98 N ov’OS ___
103% Feb ’ 13
ii
79
78% Sale 78%
17
75%
76
75% 76
106 106% 106 July’ 15 ___
2
95%
951.1
95% 98
96% J’ly ’ 14 ___
------ 94
90
8712 J’lv *11
84 Oct ’08 ___

- J ------ 68
I A -O ------ 60
/A - O
40% Sale
------ 8 6 %
Va Ily A l>ow 1st A ref Sail 1193 1 J Gas and Electric Light
Atlanta O L Co 1st g os___ 194 J -ID
Bklyn Un Gas 1st cons g 5s. 194 5 M -N
Buffalo City Gas IstgSs___ 194 • \ O
Columbus Gas 1st gold 5 s ... 193 J - i
Consol Gas conv deb 6 s __ 192i ) Q - F
Detroit City Gas gold 5s___ 192:
J
Detroit Gas Co cons 1st g 5s. 191: F -A
Detroit Edison 1st coll tr 5s. 193: j - j
Eq G L N Y 1st cons g 5s...193: M - S
Gas A Elec Berg Co c g 5s.. 191! J -D
Hudson Co Gas 1st g 5s___ 191! M-N
Kan City (Mo) Gas 1st g 5s. 192: A -O
Kings Co El L A P g 5s........ 193! A - O
Purchase money <3s______ 199 : A - O
Convertible deb Gs____
192:
Convertible deb Os____
192. M- S
Ed El 111 Bkn 1st con g 4s. 1931 J - J
Lac Gas L of St L 1st g 5s..cl91!. Q - F
Ref and ext 1st g 5s........... 1934 A -O
M -N
J -D
r d
F- A
J “’ vv'< *-<* «•*» a urn tuii g uo. ;;du F -A
N Y A Rich Gag 1st g 5s___ 1921 M-N
Pacific G * El Co Cal G & E
Corp unifying A ref 5s___ 1937 M-N
Pac Pow A Lt 1st A ref 20-yr
F -A
Pat A Passaic G A El 5s___ 1949 M- S
P eopG asA C 1st cons gG s.. 1943 A -O
Refunding gold 5s............. 1947 M- S
Registered.......................1947 M- S
Ch G-L A Cke 1st gu g 5s. 1937 J - J
Con G Co of Chi 1st gu g 5sl93G r d
Ind Nat Gas A Oil 30-yr 5sl93G M- N
Mu Fuel Gas 1st gu g 5s .. 1917 M-N
Philadelphia Co conv 5s___ 1919 F A
Conv deben gold 5s.......... 1922 M- N
Stand Gas A El conv s f Os.. 1920 J - D
Syracuse Lighting 1st g 5s.. 1951 J -D
Syracuse Light A Power 5s.. 19i4 J -

14
___

------ 91%
------ 78
70
70*4
50% 51
____ 86
____ ____

1J

1

70
25

74%

6

kjcuuiiJi-u A ttem pt.
Metropolitan Street Uy-

65*4 79

97*3 56
J - J 97% Sale 97%
87 July’ l / ___
0 A -O ____ 85*4
2
86 %
0 A -O ------ 8 6 % 86

A -O

4Aa

101 May* 13
99%
99*s 21 99 101%
99*3 100%
99% July’ 15
i 81
83%
81
81
l 82% 82%
80%
80%
73 June’ 15 . . . . 73
78
9 92*4 97%
92*4
93
10178 June* 12
69 "
69
81 Jan *14

__

iA s

32 100% 103*3
79*4 85%
47 98% 100%
100 % 101

70%
25%

6

iAa

84
84
81
87
84% 85%

70
24%

7F-A
7 -------

Interboro Rapid Transit—

Trenton G A El 1st g os___ 1949 M- S
Union Elec Lt A P 1st g 5s. . 1932 M- S
Refunding A extension 5s. 1933 M -N
Utica Elec Lt A P 1st g 5S-.1950 J - J
Utica Gas A Elec ref 5s___ 1957 J - J
Westchester Ltg gold 5s____ 1950 J -D
Miscellaneous
Adams Ex coll tr g 4s______ 1948 M- S
Alaska Gold M deb Os A ___ 1925
Armour A Co 1st real est
’39 J -D
Bush Terminal 1st 4s______ 1952 A - O
Consol 5s________________ 1955 J - J
Bldgs 5s guar tax ex........... 1900 A - O
Chile Copper 10-year conv 7s 1923 M -N
GranbyConsMSAP com Os A ’28 M -N
Inspir Cons Cop 1st conv 6s. 1922 M- S
5-year conv deb 6s_______ 1919 J - J
Int Mercan Marine 4Ms____ 1922 A -O
Certificates of deposit________
Int Navigation 1st s f 5s____ 1929 F - A
Montana Power 1st 5s A ___ 1943 J - J
Morris A Co 1st s f
___ 1939 J - J
Mtge Bond (N Y) 4sser 2 . . . 1966 A -O
10-20-yr 5s series 3............. 1932 J - J
N Y Dock 50-yr 1st g 4s___ 1951 F - A
Nlag Falls Pow 1st 5s______ 1932 J - J
Ref A gen 6 s ...................al932 A - O
Nlag Lock A O Pow 1st 5 s.. 1954 M-N
Ontario Power N F 1st 5s. . . 1943 F - A
Ontario Transmission 5s____1945 M-N
Pub Serv Corp N J gen 5 s.. . 1959 A -O
Ray Cons Cop 1st conv 6 s . .1921 J - J
Sierra A S F Power 1st 5s___ 1949 F - A
Wash Water Pow 1st 5s____ 1939 J Manufacturing & Industrial
Am Ag Chem 1st c 5s........... 1928 A - O
Conv. deben 5s__________ 1924 F - A
Am Cot Oil ext
______ pl915 Q - F
Debenture 5s___________ 1931 M -N
Am Hide A L ls t s f g 6s____ 1919 M- S
Amer Ice Secur deb g 6s____ 1925 A -O
Am Smelt Securities s f 6 s.. 1926 F - A
Am Spirits M fg g6 s________ 1915 M- S
Am Thread 1st coll tr 4s____ 1919 J - J
Am Tobacco 40-year g 6 s ... 1944 A - O
Registered_______________1944 A - O
Gold 4s...............................1951 F - A
Registered___________ 1951 F - A
Am Writ Paper 1st s f 5s___ 1919 I - J
Baldw Loco Works 1st 5s__ 1940 M-N
Beth Steel 1st ext s f 5s........ 1926 J - J
1st A ref 5s-uar A ............ 1942 M-N
Cent Leath 20-year g 5s____ 1925 A - O
Consol Tobacco g 4s.............. 1951 F - A
Corn Prod Ref s f g 5 s _______1931 M-N
1st 25-year s f 5s..................1931 M-N
Cuban-Am Sugar coll tr 6 s.. 1918 A - O
Distil Sec Cor conv 1st g 5s.. 1927 A - O
E I du Pont Powder 4J-4s.__1936 J -D
General Baking 1st 25-yr 6 s.1936 J -D
Gen Electric deb g 3H s.......... 1942 F - A
Debenture 5s.............
1952 M- S
Gen’I Motors 1st lien 6s____ 1915 A - O
111 Steel deb 4
....................1940 A - O
Indiana Steel 1st 5s_________1952 M-N
Ingersoll-Rand 1st 5s..........jl935 J - J
Int Paper Co 1st con g 6 s...1918 F -A
Consol conv s f g 5 s ........... 1935 J - J
Int St Pump 1st s f 5s_____ 1929 M- S
Certfs of deposit
Lackaw Steel 1st g 5s______ 1923 A -O
1st con5s Series A ............. 1950 M- S
A- O
5s
.1951 F - A
A- O
F -A
A -O
1st lien A ref 6s series C__ 1921 A -O
J -D
J- J

95%

55

103
5 A - O 102*4 103 102*4
2 J - . ____ 83% 80 July’ 15
100
99% Salo 99%
8 J - J
1 J - . 100 % 102 101 July’ 15

WUOUI OOHud A Manhat 5s Ser A .

86

! 89% 897S
89% M ar’ l,
75 Apr ’ 1 ___
16!
16
16% Sale 16
34
S 17
17
17
17
20
27
21 June’ L
! 18% 27
*____ 20
4L 17
17
171 17%
17*
24%
315
15'
j 15
15 Sale 15
30
100 May’ l. ___ : 99 100
------ 101
80 Aug ’ ll ___
6 0% ____ 60% Juiy’ lf
55
60%
631
6 6 % ___ 661*
66
72*4
1% Sale
1%
21,
1% 8*4
% Sale
*3
5 157
% 9%
1
* 1% 1*< 1 July’ lc
8%
____
3.
%
% 21
% 8
% Junc’ U
%
*,
% 1%
7.
____
1.
% July’ lc
80*.
80*4 Sale 80*4
7 80*3 82
9 1 % ------ 65 M ar’ If - - - - 65
65
7 54
68 %
71%
68
68*4 68
2 100% 102 %
102 102 % 1021*
102176
77
75% July’ 15
75
78%
171.3 17%
------ 17% May’ 15
20
98% June’ 15
98% 100
____ 98%
------ 96
95*2 N ov’ K
9*2* 92
92 A p r ’ 15
28 49
51
5U.
51% 53
65*4

50 F - A
9 M- S
2J - .
84
0 j - j ------ 84
81
8 U- 81
» j -.
6 M-N
82
87
85
Street R a i l w a y

BONDS
N . Y STOCK EXCHANGE
Week Ending July 30.

...............

56 J -

Cent Trust Co ctfs.
Do stamped____
Equit Trust Co ctfs.
Do stamped____

Week’s
Range
Price
Range or
Since
Friday30 Last
1 Jan. 1
July
Sate
Hlg) No Low
High
Bid
Asi Loto 101*
97 102%
101% Sale 100%
1

BONDS
Y. STOCK EXCHANC
Week Ending July 30.

Bonds
Sold

Interest
Period

New York Bond R e c o rd -C o n clu d e d — Page 4

oQ ueO ct.

v

88

95

100*4

88 %

July’ 15
101%

99% May’ 15
88% June’ 14
79 Apr ’ 14
96*4
90*4
89% Dec ’ 14
100% July’ 15
98 July’ 15
101% June’ 15
95
95%
97%
97%
97%
97*4
95
95%
91% July’ 15
104 June’ 11
90% M ar’ 15
Due 4<>v

109

90
85%
75
75
100
99%
100%

90
88
82
82%
101%
101*4
101%

82

86

861* 89%
91*4 90
96 103%
9S% 99%
95

97%

100
97%
101%
94
94*4
96%
95
88%

100*4
99%
1011*
97%
98
99
97%
93%

90% 90%

BOSTON STOCK EXCHANGE—Stock Record s.»BN°.TpaKc

36 0
Saturday
July 24
*101
*97'2
179
*73U
*130
21
*
♦___

SHARK PRICES—NOT PER CENTUM PRICES.
ofSales
the
Week
Friday Shares
Wednesday Thursday
Monday 1 Tuesday
July 26 | July 27 July 28 July 29 July 30

IOU2 100% 1003s! *102
*97
98
9712 *9714
179
.79 *179 180
75
7378 7378 75
*130
*130
22
22
20
21
237
237
934 *__
934 __

10 *__
10 * .
9 *
*45 ___ *45
*45
*4512
*
158 *__
158 *
158 %
*103U 105 *1031.1 105 *10314 105 *103l.i
*155 ___ 155
*155 165 *155
64
*65
64
*61
67
*6412 68
*116 ___ *116
*116
*116
*84
86
*84
86
86
*84
*84
99
*98
99
*98
99
*98
*98
5*4 *5
*5
512 *5
5>4 . *5
34
34
34
34
34
33
33
6012 61
57'2 57l2 5634 5778 58
*
95 *__
95 *__
95 *
*14212 143 *14212 143 *142
*142I2
*17
19
*17
19
19
*17
*17
*126'2 127 *1253.4 1261.4 128 128 *12812

*

_

♦116 120
*62% 63
81
81

*117 120
63
63
80l2 81

101
hast179
Sale IOOI2 Jun’ 15
77% 76" 77”
Last Sale 13021 July’2215
22
July’ 15
Last
Sale 237
10 Mar’ 15
Last
Mar’ 15
Last Sale
Sale 56
612 Nov’ 13
Last
Sale
47 July’ 15
Last
Sale
Last Sale 153 July’ 15

102l2 *101l2 102 * 100I2
98
*98
9812
179
179l2 179l2 179
763.1 7634
75l2 76
*130
21
21
2U2 2H2
237 *_____ 237
OS., *___
934

*117 120
*6212 63
81
*80

10
___
158
105
155
6S
___
86
99
514
34
63
95
___
19
129

*117
63
*80

120
63
81

104
155
65

104
155
65

Last Sale 115 May’ 15
85
Last 98%
Sale 93 July’9815

85
*98

33i2
6112
►
___
14213

Last Sale
Last Sale
Last Sale

*10

*10

*10

*10

40

*15
*15
129 130
*130 131
I 6 U4 162 *15978 16()l2
153.1 153.1 1558 16
1133,1 1133.1
1131.1 114
*31% 32
32
32
29*4 '___ 293.1 *___ 2934
1
1
*1
112
1% *1
*131 134i2 133 134% 133 134
50*4 5034
5012 5012 50U 51
29
29
29
29
*28ia 29
61 >4 647s 631-t 64% 6458 65'2
1115s >110% H l ‘ 2 *11112 111%
*10

1311a
161
16
1133.1
*3H2

25
13112
161
16
113%
32

1U58

*15
130
161
16
11334
32
2934

40

60
94

62l2
94

19 July’ 15
►1283s 12878 128 128
80 June’ l
120 Juno’ 15
63
63
63
63
*80
81

52
513.4 51
61
*50
51
51'2 *50
93
93
933.4 94
04
9378 9378 93
2l2 212 *21.i
212 2>2
212 *212 23.,
17
*16
*16
17
*16
17
16
16
IOSI2 IIOI4 109 1093.1 108 >8
10912 10734 109
11312 113% 11334 *113 IL334 113 113l2 11334
12178
12118 12 U2 1211-i 1213,, 12112 12178 I 2 U2 122
*21
25
*21
*24
*21
25
27
25
25i8
*8431 85
84% 84
84
8412 83
8412 85
64
64
64
64
61
6412
64
*64
65
*9712 991.1 *9712 9914 99% 9914 *98
9912
11
*8
9l2 1()12 *93.| 11
10's
♦812 11
25t.| 251.4 25
25l2 25is 25l2 24
2512 25i4
912
934 1038 * 10 i4
*9
9
9
8*4
012
2353.4 236
231
*234 236
23512 236
236 236
175
171 17134 170 175
17512 176
175 175
9912 9912 9912 9912 ___
>9812 99
*9812 99
90
89% 90
90
90
91
901.4 89'2 90
*87*2 8812 8 8 U 8812 87% 87*2 8 8 ls 8812 88
180 180 *177 180 *125
*180 181% ♦
180
*ll 4 3
*11-4 3
*tt4 3
* 1% 3

*50
*93
2'2
*16
*10812
*113

34
62l2
95
142%

52
94

2l2

5312 55
9334 933-1
*2U 212

17
lOsis 10834
109
1133.1
122ls 122“ 12218
25is
"8312 ’8312
84
64%
11
1278
lOi.i
253.1 2534 28
10
10
10 ’s
235 235
236
17514 175 175
9912
91
88ls

’51" 91T2

Apr’ 15
Last
Last Sale
Sale 10 June’ 15
Last 25
Sale 2025 Apr’2515
*20
180

131 131
131 131
130
161 *160 162
16
16
I6 I4 "55" To”
111 1141-1
114
U .334 114
32
32'-i
32
2934 293.1 *2934 293.4 293.1
*1
1% *1 H2
1333s 133i2
133 13378 13312 134
5012
50
503,1 50
50l2 50
2812 283.1
28t2 28*2 *28*2 29
6634 68 's 66>2 671*
6578 67
11134 11134 *11214 112*4

Sc

Sc

Sc

02*4 Feb 23
97 Jan 15
170 Mar 5
73 JunelG
109 Feb 20
20 Feb 13
225 Jan 5
10 Mar23
60 Jau 8

39 Jan 20
157 Feb 13
July 9
140 Feb 25
51 Feb 9
114 Apr 29
85 July29
92 Mar 4
47s Juno 7
33 July2l
43 Feb 25
90 Mar 9
1421, Juuo30
15 M arl7
IIG'2 Jan 4
79*4 Mar 11
105 Feb 9
61 May 15
80 July 1

10 U2




Sale
Last
Last Sale
Las. Sale

Last Sale

4

t>

01

8 8 I4 N ov 100 July
101** Feb
97** Jau
175 N ov 195 Jan
77 May lOlU July
150 Deo 179 Feb
55 Jan
30tj July
225 May 255 Jan
7*a Feb
7 Mar
60 J*n
50 July

JulylS
Mar 9
Apr 21
165 Jan 12
75 Jan 5
120 Feb 0
88 Mnr 3
99 Apr 29
8'2 Jan 7
56 Jan 6
71 Apr 21
98 Apr 29
157 Apr I)
22 Juno 9
134 Apr 26
807* Feb 11
125 Apr 20
72'2 Jan 25
031* Feb 4

35 July
160 Mar
103 Dec
162 Nov
75 July
115'• Dec
83 Jan
90-s Jan
0 Apr
54 Dec
497* July
100 May
140 July
19 May
110*4 Nov
82 Apr
115 Jan
65 N ov
82 Dec

Jan
Jan
June
200 Jan
93 Jaa
124 May
8 8 78 Apr
99 Mar
14 Jau
66'2 Jan
7778 J»n
112 Feb
165 Jan
30 Jan
163*4 Jan
85 Jan
130 Feb
75 Jaa
95 Ma*

59% May 5
95 Juno11
3 Apr 14
19% Jan 9
114 Apr 23
116 June 15
124's June 17
25 8 July29
90's Juneto
67 Apr 23
101 Feb 6
13 Apr 30
28'2 Juno20
13U Apr
260 Jan 22
176 July27
104 Mar29
92 July 16
92'2 Jan 28
200 Jail 4
14 Apr 20
12U Feb 8
46% Jan 26
20 Apr 15
35 Apr 15
143 Jan 29
166 Juno 14
18<4 Jan 2
115«2 July 6
35 May 4
30 July 6
1*4 Apr 21
141*4 May 3
65 May24
29% Jan 8
68% July29
111*4 July28

47R Jan
89 Doc
2 Deis
17 Jaa
97U Mar
103 Mar
112 Nov
14 Mar
72*., Mar
6712 Dec
97«4 June
6 Feb
13»a May
0'2 Dee
234 Nov
137 Dec
98*2 Nov
76U Nov85 Nov
200 Dec
2*4 May
18 July
55 June
20 Apr
38 Dec
12.8 Nov
148 Dec
16 Jan
IOU2 Nov
27 Feb
27 Mar
.05 Dec
113 Dec
52% Dec
28 Jan
48 Deo
103% Deo

59L Mar
93 Juno
4 Jan
22 Jan
llOU Jan
115 Deo
124 Jan
15 Mar
83 Jan
67 Fob
100'2 Jons
0 Jan
16*4 - an
14ij fr>b
265 Mar
150% Fee
102 Jaa
94*8 Fe .
96 M a
216*4 Fob
3 J»n
38 Feb
70 Jan
80 Jan
69 Jan
141 Feb
159 Jail
2 0 '8 July

47
158
110

Miscellaneous
Amor Agrlcul Chemical— 100 48 Jau 5
Do
pref____________ 100 87b Mar25
134 M arl7
Amer Pnoumatio Service.. 50
15 June 7
Do
pref_____________50
Amer Sugar Refining------- 100 100 Fob 21
Do
pref____________ 100 109 Fob 5
Amer Telep A Teleg_____ 100 116 Jan 4
0
100 American Woolen________ 100 10'2 Apr
pref____________ 100 77 Feb 6
275 Do
59*8 Jan 20
238 Amoakcag Manufacturing —
07% May25
Do pref_______________
4 Feb 24
3,969 Atl Gulf A W I 8 S Linos. 100
0 7s Mar 12
Do
pref____________ 100
2,053
83-i July27
1,420 East Boston Land_______ 10
163 Edison Electric Ilium------- 100 230 MaylO
261 General Eleotrlc_________ 100 138*4 Feb 26
50 McElwaln (W II) 1st pref. 100 9878 July22
2,096 Massachusetts Gas Cos— 100 78 Apr 8
51
Do
pref____________ 100 85 May 21
5 Mergenthaler Linotype— 100 154 Feb 8
'4 Apr 20
Mexican Telephone--------- 10
Mississippi River Power.. 100 10 June 4
10 Do
pref____________ 100 35 Feb 23
20 Apr 15
New Eng Cotton Yarn----- 100
40 Do
pref____________ 100 25 July I
212 New England Telephone.. 100 -1127*4 Junele
85 Pullman Comptny_______ 100 150 Fob 2 l
250 Reece Button-Hole_______ 10 1.5% July27
381 -Swift A Co........................... 100 104*4 J ill 4
25 2S Mar 8
114
20 Mar25
105
Do pref.
.95 Jan IS
25
100
100 110 Feb 25
1,070
25 49% July 10
1,735
25 28 M ar’27
97
Do pref.
.100 38 Fob 1
10,388 1 8 Steel Co
100 102% Jan 27
25 Do pref.

25
75
2
2% *2
2%
2% *2
2% *2
*2
2% *2
2%
25
187
96
*95
96
97% 97
97%
95
96
96
94
. 10
13,650
33% 34
32% 33% 3234 33% 33% 34% 33% 34% 32*8 34
. 25
2
2% 2% *2
2%
2% 1,115
2% *2
2%
2% 2%
2'4
46 C
52
55
54
52
53
53
54
*53
52
52
52
52
.100
120
72% 71% 71% 69% 70% 71% 72% *72% 73
*72
. 25
55% 67*2 54*, 55*4 43,405
54% 5534 54% 55% 54*i 58
55% 56
2,090
Arizona
Commercial______
5
*7
7%
7*4
7
7%
7%
7%
7%
7%
7
7*4
*7%
. 10
3
3
3% 3%
3% 3*8
3
*3% 3%
3% 3% 1,560
3
. 10
68% 70% 66
69% 69% 69% 71
68% 11,669
70% 68
71
70
10
2,131
04
63% 64
63
64
64
631-4 03
64
63
63*8 64
- 25
67
560 570
570 575
570 571
551 >51
560 560
550 560
25
110
18
*17
18
18
18% 18% 18% *17
19
*17% 18
*18
5
546
44
44% 44% 43% 44% *44% 44% 41*4 46
44
45*8 46
.100
3,11&
54% 53*4 55*1 54% 55*4 55
50
55
55
53% 55% 53
450 Daly-West______________. 2020
*2% 3
*2% 3
2*,
2*8 2*8
2% 2*4 *2% 3
2*4
13% 1,775 East Butto Copper Min— . 10
12% 12% 12*i 13% 13
13*8 13
13% 13% 1234 13
- 25
805 Franklin__________
9
9
9
9%
9% 9*4 *8*| 9%
9
9
8*4
9
KM)
1,330
84
83%
83
82
84*i
81
84
83
83
82*4
83
831-1
40% 2,283 Greene-Cananoa_________. 100
39*4 40% 40
40*4 40
40% 40% 39% 40% 39% 40
290 Hancock Consolidated___.. 35
17
17
16% 18%
17
18
18
18
17% *16% 17
17
K'
lledley Gold...................... 10
28% July’ 15
*28% 30
*28% 30
*28% 30
*28% 30
- 25
*
Helvetia Copper__________
.50 July’ 15
.50 *.35
.40 *.35 .40 *.35
.50
. 25
230 Indiana Mining___________
*4% 5
4% 4%
4
4% *4% 4*,
4% 4*4
*1*4 5%
. 1
392 Island Creek Coal..
49
47%
47
47% 47% 47% 47
48% 473S 48% 48
*48
1
Do pref_______
90
89% July’ 15
*89
90
*89
89*4 *89
89*4 *89
. 25
26% 26% 1,322 Isle Itoyale Copper________
26% 27
27
20
26
26% 27
28% 27% 28
1,105
.
5
4
Kerr
L
ake______________
6
4
4%
4%
4%
4
4
*4% 4%
4%
3*4
4
. 25
2
2
2
2
2%
2
2% 2%
1%. 1*8 1,220 Keweenaw Copper________
1% 1%
825 Lake Copper C o__
13% 14
14
15
14% 13% 14
15% 15
14
14*4 15
135 La Salle Copper___
. 25
6% 6%
6% 6%
6*8 6%
6*^8 6%
*6% 6*4 *6*8 6%
2
200 Mason Valley Mines____. 6
5
2
*2
2% *2
2% *2
3
*2
3
*2
3
. 25
12% 1,300 Mass Consol_____________
11*1 11% 11% 12
12% 12% 12% *12
11*8 11% 11
370 Mayflower________________25
41?
4
4
4%
4
*4
4% 4% *4% 4*4
♦4
4
225 Miami Copper___________ 5
27%
*26% 26% *26% 263., 26% 26% *26% 27% 2d*, 26*4 *27
455 Michigan_________________ 25
2% 2% *2*s 2*4
2% 2% *2% 2%
2% 2%
2*8 2*8
844 Mohawk__________________25
72
72
72
73
70
70% 73
72
70
71
69% 71
70 Nevada Consolidated___ _ 6
14
14% 13% 13% 14
14% *14
*14
14% 13*4 14% *14
10*, 11% 10% 10% 2,880 New Arcadian Copper__ . 25
10% 10% 10
9% 10% 10% 11
10*4
030 Nlplsslng Mines_________. 6
5% 5%
512 5%
5% 5% *5^2 5%
5% 5*,
*5% 5*4
'5
30% 3,212 North Butte____________ . *6
30
30% 29% 30% 29% 29% 29 % 30*1 29% 30% 30
895 North Lake_____________ 25
1% 1% *1%
1%
1*4
1% 1%
i%
1*4 1*4 *
13.1
25
2
July’ 15
OJibway Minins__________ 25
*1% 219 *2% 3 *
2% * 1 % 2%
455 Old Colony_____________ 25
4
3% 3%
35S 3*8
3% 3%
3%
3*4 33-1 *3*2 4
280 Old Dominion Co_________
. 25
54
*52
53%
54
54
52
*52% 54
52
64
52
52
335 Osceola_________________ 25
80 *__
80
*78
75
79
76
79% 75
79*4 79*4 79
1C
16% 16*4 16% 16*4 16% 16% 161.4 16% 1,509 Pond Creek Coal________. 16
16% 17
16*4 17
139 Quincy.......................
. 25
86
*84
86
82
86
82% 86
*83
84
83
*80
83
320 Ray Consolidated Copperr. li
22
*22% 23
22% 22% 22*4 22*.,
*22% 22*4 *221.8 22% 22
430 3t Mary's Mineral Land. . 25
55% 56
55% 55%
543.1 5134 54% 54% 55
56
56
56
835 Santa Fe Gold A Copper. . 11
238 2*3
2%
2%
2% 2%
2*4 2*4
*2% 2*4 *2% 3
11
*7*,
8% 1,039 Shannon____ ___________ 16
7% 8%
7*4 8
7*4 7*4
7% 7%
7% 8
l(
335 Shattuck-Arlzoua________ 16
26% 27
27
27
26
27
26
26% 26
26% 26% 25
2r
475
*6%
South
Lake_______________25
7%
7%
7%
7*4 7*4
7*4 7*4
7% 7%
7% 7%
485 Superior__________________ 25
27% 27% 27*4 26*, 27%
26
27
27
26% 26*4 25% 26
985 Superior A Boston Copper.
r. 16
I'
2% 2*8
2*8 2*8
2% 2*4
2% 2%
2% 2%
234 2*4
8,063 Tamarack________________ 25
44
47
50
48
40% 41
47*
*38
39
38
38% 38
405 Trinity___________________ 25
4%
4% *4
4
4% *4
4
4
4
*4%
3,100 Tuolumne Copper________
.52
.50 .51
.51
.50
.. 1
.50 .50 *.45
l
.50 .50 * .4.5 .48
41
61
41% 4,569 U 8 Smelt, Refln A M in.... 60
393.1 40*i
39% 49% 40% 42
40*4 42
40*i 41
596
5<
46%
45*, 46% 40
Do pref_____
46% 463
40*2 *46
46% 46*4 46% 47
.. 6
3% 3 %
3*1 3%
3*4 3% 3,650 Utah-Apox Mining_______
3% 3*4
3*4 37s
3*4 3 %
1,005 Utah Consolidated_______ 5
13
13*
13
13
13
13
13
121, 12% 12% 13
13
860 Utah Copper Co_________
66
. . 10
U
65*4 07% 60% 67
64% 65% 63*4 04% 66
65% 66
45 Victoria__________________
*2% 2*
. . 26
2% 2%
2% 2% *2% 3
2% 2%
*2% 2%
4
July’ 15
. . 25
26
*3% 4
*3% 4
Wlnon3__________________
*3% 4
*3% 4
445 Wolverine________________ 25
61
26
61
62
61
*59
59% 00
60
60
59% 60
. . 25
730 Wvnn^ott
.70 .71
1% *1%
1%1 rl*i
1%
*1%
.65
.60 .61
*.60
* Bid aad asked prices, a Ez-dlvldeud and rignta.
Ex-stock dividend. « Assessment paid,
Ex-rlghts.

Last Sale

l o t ’s Apr 21
10078 June 4
193 Jan 12
96 Jan 5
130 Juno 9
37 May 4
240 June2G
10 M ar 2 l
56 M ar 2 f

290
64
140
25
765
103
1,835

Mlntnd

h

Range
for1914.
Precious
Year
Lowest. Highest.

Range Slnoe Jan. 1.
Highest.
Lowest.

STOCKS
BOSTON STOCK
EXCHANGE

Railroads
Atch Topeka Santa Fe.,100
Do pref______________100
Albany________ 100
93 Boston
638 Boston Elevated_________ 100
Boston & Lowell--------------100
Boston & Maine--------------100
Boston
1‘rovldence------ 100
Boston SuburbanElec Cos—
Do pref________________
Boston & Wore Electrlo C os-­
Do pref________________
Cblc June Ily A U S Y — 100
Do pref________________
Connecticut River----------- 100
Fitchburg pref___________ 10°
Georgia lty A Eleo stmpd-100
Do pref_____________ 10*1
Maine Central___________ 100
Mass Electrlo Cos________ 100
137 Do pref stamped--------100
1,492 N Y N II A Ilartford..........100
20 Northern New Hampshire-100
11 Old Colony..........................100
Rutland, p re f___________ 100
85 Union Pacific_____________100
Do pref______________100
Vermont A Massachusetts. 100
West End Street...................50
Do pref______________ 50

[VOL.101

1 Jan 22
9 1 July 28
20% Jan 6
.45 Feb 10
35% Jan 5
G0*s Feb 21
16*4 Jan 4
31, Jan 4
2 Jan 16
35*4 Jan 4
51% Feb 23
350 Jan 4
15 Jan 12
32% Jan 6
30 Jan 13
1% Jan 21
8% Jan 5
4% Fob 6
58 Jau 7
23% Feb 1
11 Jan IS
26*8 Apr 9
.25 Mar 2
2% Jan 21
41 Marl8
85%Jan 5
17% Jan 11
3*4 Ju'y30
1%, July30
6*2 Jnil 37
3% Jau 7
1 Marl I
3 Jan 11
4 M a rll
10*4 Jan 2
.60 Mar 1
46% Jan 15
11*8 Feb 21
4% Feb 21
5*s Fob 5
22%Jau 25
1 Jan 26
.60 Mar 4
3% July27
38% Mar 6
64 Jan 26
12 Jan 7
50 Jan 16
15*4 Jan 7
28 Jan -1
1 Marl7
4 Jan 15
18*, Jan 5
6 July21
22% Jan 0
1 Mar ;•
25 Jan i
2*8 Feb 1'
.20 Jan 2
20 Fob 25
38 Jan If
2 Jan 2
0% Fob 20
48*4 Jan 1
1 Feb 21
1*4 Jan 18
32 Jan (
SOM-.- a
I

z

40
163
107

31 May
29% Jan
2 Feb
173 Fob
61*4 June
30% July
07% Jan
112% J*n

4% Apr 22
2 Jan
1 Apr
100 June2S 239*4 Apr 300 Mar
40*4 Apr 32
19 July
28% May
4*4 Apr 22
1*4 Jan
% Dec
58% Apr 26
34% Jan
43*4 Feb
79% Apr 22
49 Dee
7 . Fob
00% Jutyll
12% Nov
21 Jau
9% Apr 22
2% Nov
6 V, Mar
4*4 Apr 22
1 N ov
4% -«b
80 June 4
24 Nov
40*4 M
78*4 Apr 26
53 Deo
70% M »*
630 Apr 22 350 Dec 460 Fea
25 Apr 22
14 Jan
19 Feb
49*4 Apr 26
30% Dec
43% Feb
63% Apr 26
29 Dec
40*4 Fob
5*4 Apr 22
3 Feb
1% Nov
15% Apr 23
13 Jan
8 Dec
14% Apr 22
7% Apr
2 N ov
94% Apr 27
01 Fab
60 Dec
44 JulylS
21% Apr
42*8 Feb
21% Apr 29
11 Deo
22 Feb
29*4 Jan 19
30 Mat
28 July
% Jan
.95 Mar29
.25 June
10% Apr 22
6% Fob
3 Apr
50*, July 13
60% June
44% Dan
81 June 89% June
91% Apr 27
34 Apr 26
21 Feb
18 Doc
37* Mar
5% Apr 20
6% July
4% Apr 20
2% May
4 % Feb
13 Apr 22
4*., Nov
10% Jan
9 Apr 23
3
Deo
5% Feb
4% Apr 27
1% Dec
4 Jan
17 Apr 22
2 Mar
€5*2 M a /
8 Apr 22
3*4 June
0 Jan
29 Apr 20
16*4 Dec
24% Fob
3 Apr 22
1% Feb
.50 July
82 Apr 26
39 Apr
49% Deo
17 Apr 27
10 Dec
16% Dec
14% Juno 7
7% Jan
1% Jan
0% Mar29
5 July
8% Feb
38% Apr 26
30*4 Feb
19*4 Deo
4% Apr 23
.95 Apr
2% Jan
3% Apr 29
2 Jan
*4 Apr
7% Apr 22
2% Nov
5 V* Feb
58% Apr 21
64 Feb
44 Deo
93% Apr 22
84 Feb
64 Dec
17% July 14
12*4 Dee
20% Jan
95 Apr 22
68 Feb
51% Dec
22% Apr
26% Apr 26
15 Deo
40 Fob
65 Apr 23
28 Dec
2% Jan
3*8 JunelO
1 Jan
7% Feb
4 Nov
11% Apr 26
29*4 Feb
33 Apr 26
18 Dec
7*4 July27
32 Feb
22 Nov
41% Apr 26
2 % Jan
1% Nov
4% Apr 29
43 Feb
50 July29
24% Doc
6% Jan
2*4 Nov
7*s Apr 3(1
.23 Dec
.85 Ma«
.63 Apr 14
43% Fob
24% Deo
49% Junel.5
48% Feb
40% Apr
48% JunelO
2% Fob
1% Nov
5*8 JunelC
8% Jan
14 Feb
10*8 Junel l
59 Jun»
45% Nov
73 Apr 20
4% Apr 22
1 Ma
«2 % M a .
1% Deo
4% Ftb
5% May 1
70 Apr 20
30 Doc
47*4 Feb
?1< Anr 23
30 Jnn
11, Jen

Unstamped.

Y

'/(,

0

Id paid,

m

Ball paid.

J uly 31 1915.]

THE CHRONICLE

Outside Exchanges—Record Transactions
Boston Bond Record.— C o ra p lo to ro c o rd o f tra n s a c tio n s
in b o n d s a t B o s to n S to c k E x c h a n g o J u l y 24 to J u l y 30,
b o th in c lu s ivo :

Week's Salesfor
Week.
Friday
High. Shares.
Sales. Low.Range.
Bonds.
75Vs 75)4 83,000
Adams Express 4s----- 1948
88
Am Tel A Tel 4s------- 1929
87)4 88)4 25,000
8,000
20-year conv 4)4s._1933 ioi)4 100)4 101)4
68
70 y. 32,000
Atlan G A W I SSL 5s 1959 70
Burl A Mo River 6s. .1918
1,000
New Eng Cot Yarn 5s. 1929
New Eng Tclep 5s----- 1932 101
Pond Creek Coal 6 s..1923
Swift A Co 5s________1944
S6
Western Tel A Tel 53.1932

___

100)4
96
73
101
95
96
95)4

100)4
90)4
73
101
95
90
95

H

10,000
1,000
1,000
2,000
11,000
3,000

Range since Jan. 1.
Low.
nigh.
70)4 Jan 75Vs July
Jan
Apr

86)4
89)4
Apr
95)4 Jan 103
60
Jan 73
May
100)4 Juno 101
Mar
95
97 M
70
Apr 76 ' Jan
99)4 Jai) 101)4 Feb
94
May 98)4 Apr
94)4 Feb 96)4 May
Jan
94)4 Mar 97

Chicago Stock Exchange.— C o m p le te ro c o rd o f tra n s a c ­
tio n s a t C h ic a g o S to c k E x c h a n g o fro m J u l y 24 to J u l y 30,
b o th in c h , co m p ilo d fro m th e o ffic ia l sales lis ts , is as fo llo w s :

Par.

Friday Week's Salesfor
Week.
Sales. Low. High. Shares.

Stocks—
Amer Shipbuilding___ 100

35)4

Booth Fisheries, p rcf-.ioo
Cldc Pneumatic T o o l.. 100

79

Chic Ilys part elf "2 ” ___
Chicago Title A Trust. 100
Commonwealth-Edis . . 100

134)4

20

Hart, Shaft A Marx, pf.100
Illinois Brick_________100
64
Inland Steel...... ......... 100
Maxwell Motors, 2d pf. 100
National Biscuit_____ 100 120
National Carbon. __ 100
Peop Gas Lt A Coke__ 100
Pub Serv of N 111, com. 100
Preferred_____ _ .100 95
Sears-Itoebuck, com__ 100
Ste-Warn Speed co m .. 100
Swift A C o___________100
Union Carbide C o____ 100
Union Carbide rights____
U S Steel, common___ 100
Ward, Montg, A Co, pf__
Bonds.
Armour A Co 4)4s__ 1939
Chicago City Ry 5 s.. 1927
Chicago ltys 5s___ .1927
Chic ltys 4s, scries “ B” .
Chic Ry Ad Inc 4s. 1927
Chicago Telephone 5s. 1923
Commonw-Edlson 5s. 1943
Morris A Co 4)4s___ 1939
Ogden Gas 5s_______ 1945
Peoples Gas Light A Coke.
Refunding gold 5 s .. 1947
Mut Fuel Gas 1st 5s. 1947
South Side Elev 4)4s.l924
Swift A Co 1st g 5 s ... 1944

a Ex 60%

146)4
62)1
114)4
152
5)4
111

100)4

99)4

stock dividend,

32
73
75)4
01)4
78
19)4
206
134)4

Range since Jan. 1.
Low.
High.

58 20
200 07)4
5 68)4
15,210 45)4
165 78
275
17)4
165 205
121 132)4
15 88
16 90
220 105
180 60
25 159)4
100 31
10 118
217 119)4
97 113
50 75
1 93)4
10 230
48 103
1,219 al31)4
1,787 48)4
898 104)4
831 144)4
4,803
4)4
300 38)4
324 110)4

109
64
207
31
120
136
115)4
281
95
250
106)4
145
261)4
113)4
145
4)4
64)4
111

35 K
73
75)4
82)4
80
20
207
135
92
93
109)4
05
207
31
120
139
117)4
81
95
250
107
149
07
114)4
152)4
5)4
07)4
111

92
96)4
93)4
72
36
100)4
100)4
87)4
94

92
81,000 91
90)4 15,000 90
5.000 93
93)4
72
1.000 72
30
500 35
100)4
3,000 99)4
100)4
8,000 100
87)4
2,000 80)4
94
1,000 92

OVA
96

99)4 99)4
100)4 100)4
88
88
95)4 90

x Ex dividend.

6,000
1,000
6,000
24,000

99)4
99)4
88
94)4

Apr 41
Apr 75
Mar 80
Feb
82)4
July 93
July 31
Jan 213
June 140)4
92
98
Jan 112)4
Feb 07)4
Jan 210
Mar 40
May 125)4
Jan 142)4
May 123)4
Jan 87
May 100
270
Apr £107
Mar 215
Jan £71)4
Jan 115)4
Jan 165
July
5)4
Feb 67)4
Jan 114

'A

Juno
June
Apr
July
Jan
Mar
Apr
July
Mar
June
July
Apr
Apr
June
Apr
Apr
Mar
May
May
Jan
Apr
July
Jan
July
July
Mar

Jan 92)4 Feb
June 99
Feb
June 97
Feb
July 77)4 Mar
July 44
Jan
Jan 101
Jan
Jan 102
Jan
Jan 88)4 Apr
Jan 94)4 May
Jan 101)4 Mar
Apr 100)4 July
Apr
Jan 90
Jan 96)4 Feb

Pittsburgh Stock Exchange.— T h o co m p lo to re c o rd o f
tra n s a c tio n s a t th o P itt s b u r g h S to c k E x c h a n g o fro m J u l y 24
to J u l y 30, b o th in c lu s iv o , co m p ilo d fro m th o o ffic ia l sales
lis ts , is g iv e n b o lo w . P ric e s f o r s to c k s a ro a ll d o lla rs p o r
sh a ro , not p o r c o n t. F o r b o n d s th o q u o ta tio n s a ro p o r c o n t
o f p a r v a lu o .

Par.

3 Week’s
Range. Salesfor
Friday
Week.
Sales. Low. High. Shares.

Stocks—
Am Wind Glass Mach. 100
Preferred.. . . . 10(1 80
Columbia Gas A E lec.. 100 13
Consolidated Ice_____ 50
Crucible Steel com___ 100
Preferred_________ 100 103)4
Elk Natural Gas_____ 100 111)4
Ilarb-Walker R cfrac.. 100
Preferred--------------- loo
99
Independent Browing..50
2)4
Preferred........ .......... 50
14
La Belle Iron Wks com. 100 35
Manufac Light A H ea t..50 46)4
Nat Fireproofing com— 50
5)4
Preferred___________50
17)4
Ohio Fuel o il---------------1
40
Ohio Fuel Supply-------- 25
Oklahoma Natural Gas.100
Plttsb Brewing com----- 50
3)4
12)4
Preferred .......... ......... 50
Pittsburgh Coal com .. 100 25)4

'A

%

Pittsburgh Oil A Gas. .100
Pittsburgh Plate Glass. 100
Pure OH common______ 5

14)4

Union Natural Gas----- 100
Union Switch A Signal..50 101)4
U S Steel Corp com__ 100
Westlngh'sc Air Brake..50 136
W ’houseElec A Mfg com50 55)4
Preferred___________50
Bonds.
Columbia Gas A 101 5s.1927
Independent Brew 6s. 1955 49)4
Plttsb Coal deb 5s.. .1931
Pitts McK A C< nn 5s. 1931
W ’hou e 101. . . i “ rights"
1)4




___
___
___

16
80
12
5
44)4
97)4
113)4
48
99
2)4
14
35
46)4
5
17)4
12)4
40
63
3
12
22)4
94)4
5
106
14)4
16c.
129
101
66)4
132)4
52
65

16
SO
13)4
5)4
80
105
115
55
99
3
14)4
35
46)4
5)4
18)4
12)4
40
63
3)4
13)4
26)4
95
5
110
14)4
10c.
129
101)4
67)4
137
56)4
06

Range since Jan. 1.
Low. , High.

60
15)4 July
19)4 May
200 75)4 May 85
May
8,131
8)4 Jan 14)4 June
40
5
Mar
0
Mar
1,413
12)4 Feb 80
July
Jan 105
1,879 75
July
120 102)4 Apr 116)4 July
Feb 55
100 45
July
50 97)4 Mar 99
215
2)4 July
6
Apr
70 14
July 22)4 Jan
Jan 35)4 July
130 27
362 46
May 49)4 Jan
250
4)4 Feb
6)4 Apr
290 16
Feb 22)4 Jan
87 12 May
15)4 Jan
39
Apr
680
45
May
Fob 63)4 July
60 57
3
220
Feb
8)4 Apr
12
455
Julv 24)4 Jan
1,780 16)4 Jan 26)4 July

H

5
May
15
7)4 Jan
Apr 110
215 104
July
2,350 13)4 May
15)4 Mar
45 129
July 133
520 92
Apr 107
Feb 67)4
145 38
2,951 116)4 Mar 137
1,050 32)4 Feb 66)4
21 58
Feb 00

74
74
$5,000
49)4 50
2,000
95)4 95 H
1,000
100 100
2,000
)4
1)4 14,374

71
49)4
90
99)4
)4

Mar
Apr
July
July
July
July

Mar 75
June
July 61
Jan
Jan 97
Apr
Apr 100)4 June
July
1)4 July

361

Philaselphia Stock Exchange.— R e c o rd o f tra n s a c tio n s
a t th e P h ila d e lp h ia S to c k E x c h a n g e fro m J u l y 24 to J u l y 30,
b o th in c lu s iv e , c o m p ile d fro m th o o ffic ia l sales lis ts , is g iv e n
b e lo w . P ric e s f o r s to c k s a re a ll d o lla rs p e r s h a re , not p e r
c e n t. F o r b o n d s th e q u o ta tio n s a re a ll p e r c e n t o f p a r v a lu e .

Stocks.

Par.

1Feet's
Salesfor
Friday
Week.
Sales. Low.Range.
High Shares.

...1C
...1 0
Baldwin Locomotive ..100
81
Preferred___ ____ ..10C 104)4
Buff A Susq pref v t c--100
36
__ 5C
Cambria Steel_____ ...5 0 £51)4
Consol Trac of N J . . ..100
Elec Storage Battery -.100
52)4
General Asphalt___ ..10C
31)4
10C
..100
Insurance Co of N A . ---1 0
J G Brill C o_______ ..100
Keystone Tclep, pref ...5 0
Keystone Watch Case. 100
Lake Superior Corp. ..100
10
Lehigh Navigation.. ...5 0 273
...5 0
Lehigh Val Transit.. ...5 0
Preferred.............. ...5 0
30)4
...5 0
...5 0
Penn Salt M fg_____ ...5 0
88)4
Pennsylvania______ ...5 0
54)4
Pennsyl Steel pref__ .100
85
Philadelphia Co (Pitts).50 38
50 40
Pref (cum 6 % )__
Philadelphia Elec__ 22
23)4
Phlla Rapid Transit. -.50
7)4
Phlla Rap Tr v t rec. -.50
7)4
Philadelphia Traction..50
Reading_______ . _ -.50
74)4
Tono-Belmont Devel
3%
Tonopah Mining___
5)4,
Union Traction____ -.50
32
United Cos of N J___ .100 222)4
United Gas Impt___ ..5 0
83
U S Steel Corporation. 100 67
Preferred________ .100 £110)4
Warwick Iron A Steel -.10
9)4
West Jer A Sea Shore -.5 0
Westmoreland Coal. -.50
Wm Cramp A Sons.. .100
71)4
-.50
Scrip.
Cambria Steel Scrip.. 1916
do
scrip Feb 1917
do
scrip May 1917
Bonds.
Amer Gas A El 5s___ 2007
do
small____
85)4
Elec & People’s tr ctfs 4s’45
1945
Harwood Electric 6s. 1942
Inter-State Rys coll 4s 1943
Keystone Tclep 1st 5s 1935
Lake Superior Corp 5s 1924
Lehigh Coal A Nav—
1954
Lehigh Valley—
Gen consol 4)4s___ 2003
North Pa gen 3.3s___ 1953
Registered 3.3s___ 1953
Pennsylvania RR—
General 4)4s_____ 1965 97)4
Consol 4)4s............ 1960
Philadelphia Co 1st 5s 1949
Cons A coll tr 5s__ 1951
Phil El tr ctfs 5s small. 1948
1950
Reading gen 4s_____ 1997 92)4
Spanish Am Iron 6 s.. 1927
United Rys Invest 5s. 1926 65)4

___

H

...1
...1

17
17
6
77)4 85
103)4 105)4
36
36
41^
50)4 52)4
70)4 70)4
52
53
30 )4 33)4

05A

V,

Range since Jan. 1.
Low.
High.
Apr
Feb 85
July
Mar 105)4 July
July 40)4 May

9,020
62
335

30
90
36

8,793
2(
857
1,040

41
Feb
70
July
47)4 Jan
24
Mar

17 k
17 k
398 21
21)4 22
38
38
65)4 66
50 61
75
88
82 75
8,620
8)4 10)4
5
£73
74!',
837 71)4
69)4 71)4
292 65
200
13)4 14
13)4
29)4 30)4
293 26
138 138
2
83)4 83)4
100
87)4 88)4
277 80'
53)4 54 )4 3,782
51)4
1,770 49)4
71)4 90
38
495 29
38)4
40
40
5 32
1,067 23)4
23)4 23)4
100
7)4
7
7)4
1,134
7)4
8)4
7)4
70)4 72
122 70
73
74)4
710 70
3)4
3)4
1,845
3)4
1,980
5)4 5 9-16
5)4
32
32 )4
618 30
222 222)4
11 220
83
941 80)4
83 H
62)4 68
47,865 38
10 103
£llO)4£llO)4
10
9)4
9)4
9)4
48
48)4
13 48
60
60
16 58
63)4 72
2,895
18)4
7
7
60
6

H
xlSQA
83 A
U

99)4 100
98
98)4
98
98)4

Jan
Jan
July
Apr
May
Jan
Mar
July
Mar
Feb
May
Mar
Mar
Jan
May
May
July
May
July
July
May
Mar
Jan
Feb
Jan
July
Mar
Jan
Jan
July

52)4 July
74
Apr
55)4
36)4 June
22)4
4 11i
G9
88
13)4
77)4
16)4
31)4
145
86
95
55)4
90
40)4
41
24)4
11)4
10)4
79)4
78)4
514
7)4
39)4
225
87)4
68
111)4
10
50
63
72

June
Apr
July
June
June
Mar
Apr
May
Apr
July
July
July
Feb
Mar
Mar
Jan
Apr
Mar
Jan
Jan
Feb
Mar
July
July
Jan
Jan
Apr
July
Apr

406
322
670

95
95
95

Feb
Feb
Feb

100
July
98)4 July
98)4 July

85)4
85)4
74)4
81
99)4
57
94)4
30

86 S15.000
85 H
1,300
74)4
5,000
81
500
1,000
99)4
57)4
4,000
94)4
1,000
30
5,000

85
85
74
75
95
57
90
28

Jan
Jan
July

86)4 Apr
86)4 June
79
Feb

Apr
July
Jan
May

99)4 July
60
Apr
95)4 Apr
45
Jan

97)4

9S)4

5,000

98)4 98 W 55,000
80
80
2,000
80
80
13,000
97)4
102)4
98 34
80)4
101)4
79
92)4
101)4
65

97)4
97
80
80

100

Apr

Feb 100
July 80
July 80

Jan

Apr
July
July

May 98)4
97)4 84,000 97
102)4 13,000 102)4 July 105
95
Mar 100
98)4 16,000
80)4 24,000 70
Mar 82)4
101)4
500 101
Jan 102)4
79)4
2,000 77
93
17,000 91)4 July 95
2,000 100)4 Jan 102
101)4
2,000 55
Mar 70
65)4

Vi.

June
Feb
Apr
Apr
Jan
Feb
June
May

s ICx-dividend.
Baltimore Stock Exchange.— C o m p le te re c o rd o f th o
tra n s a c tio n s a t th o B a ltim o re S to c k E x c h a n g o fro m J u l y 24
to J u l y 30, b o th in c lu s iv e , c o m p ile d fro m th o o ffic ia l sales
lis ts , is g iv e n b e lo w . P ric e s f o r s to c k s a ro a ll d o lla rs p e r
sh a re , not p e r c e n t. F o r b o n d s th o q u o ta tio n s a ro p e r c e n t
o f p a r v a lu e .

Par

Week's Salesfor
Friday
Week.
High. Shares.
Sales. Low.Range.

Stocks.
Canton Co........ ........... 100 136
Commercial Credit___ 100
37
Preferred__________ 100 27
Consol Gas E L A Pow.100
Preferred__________ 103
Consolidation Coal___ 100
Georgia So AFlalst pf.100
Northern Central_____ 50
Sapulpa Refining.......... ..
United Ry A Elec_____ 50
Wayland Oil & Gas.......... 5
B on d s—

Balt Traction 1st 5s. .1929 102)4
Carolina Central 4s__ 1949
85
CliarlcsAW Car 1st 5s. 1946 101
Chicago Ry 1st 5s___ 1927
93
Consolidated Gas 5s. .1939
General 4)4s______ 1954 93)4
Consol Gas El A P notes..
Consol Coal ref 5s___ 1950
Convertible Cs____ 1923
Elkhorn Fuel 5s____ 1918
Fair A Clarks Trac 5s. 1938
96
F'airmont Coal 5s___ 1931
M tV-Wood CDk ctfs of dep 38
Norf & Ports Trac 5s. 1936
Norf Ry A I.t 5s........ 1949
Norfolk St Ry 5s___ 1944
United Ry A E 4s___ 1919
80
Income 4s_________ 1949 55)4
Funding 5s________ 1936
S m all.......... ........ 1936

H

136
37
27
107
112
93)4
67)4
82)4
2
21)4
2)4

136
37)4
27
107
113
93)4
07)4
83)4
2
22
2)4

102)4
85
101
93)4
104
93)4
100)4
87)4
101
95)4
98)4
96
35)4
76
95
101)4
so
55)4
81)4
81)4

1~2)4
85
101
93)4
101
93)4
100)4
87 C4
101
95)4
98)4
96
38)4
76
95
101)4
80)4
55
81)4
81)4

M

Range since Jan. 1.
Low.
High.

50 136
July 138)4
110 35 34 May 168
200 25)4 May 102)4
62 102)4 Jan 107)4
65 106)4 Jan 115
10 92
Jan 96
50 67)4 July 67)4
July 85)4
337
200
2
July
3
804 20)4 June 27
160
2)4 May.
4)4

82 A

$3,000
2,000
3,000
2,000
1,000
7,000
2,000
1,000
3,000
6.000
2,000
2,000
12,000
5,000
3,000
1,000
12,000
11,000
2,000
1,100

102)4
84
101
93
103)4
93
98)4
86)4
99)4
92)4
98)4
94
35
76
95
101)4
79)4
55
81
80)4

July
Jan
July
June
Jan
Jan
Mar
Jan
Jan
Jan
July
Jan
Jan
July
July
July
June
June
June
July

103)4
85
102
97
105
95
100)4
91
101)4
95 54
100
9634
40
84)4
9734
103
82
63
87
87)4

Mar
Apr
Apr
Jan
Mar
June
July
Jan
May
Mar
Jan
Feb
Jan
Apr
Jan
Jan
June
May
Jan
July
June
Feb
Jan
Feb
Jan
Apr
Jan
Jan
Jan
Jan
Jan

THE CHRONICLE

36 3

Volume of Business at Stock Exchanges
TRANSACTIONS AT TIIB NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Railroad, Stale, Mun.
& Foreign U. S.
Ac.,
Week ending
Bonds.
Bonds.
Bonds.
Shares. Par Value.
July 30 1915.
$21,000 $1,000
$701,500
$285,472 $26,329,200
Saturday...
500
97,000
1,520,500
885,648 81,264,250 2,920,000
Monday___
64,000
Tuesday ...
861,958 78,235,000
132,000
1,135,711 101,516,600 3,316,500
Wednesday.
41,000
1,392,872 128,698,925 3,633,500
Thursday ..
45,000
838,721 71,518,750 3,579,000
Friday____
Jan. 1 to July 30.
Week ending July 30.
Sales at
New York Stock
1914.
1915.
1915. | 1914.
Ezchange.
76,046,700
45,990,575
Stocks—No. shares__ 5,400,382 3,782,717
36,513,919,145 $4,023,321,369
Par value_________ $487,562,725 $329,376,790
32,000
$231,700
$265,800
S100
Bank shares, par____
Bonds.
$655,100
$1,500 3120,000
S5S3,000
Government bonds—
32,659,500
837,000
13,439,500
400,000
State,mun., Ac.,bonds.
436,742,700 391,771,500
RR. and mlsc. bonds.. 15,671.000 14,405,500
Total bonds............. $16,072,500' $15,362,500 S450,765,200l $425,086,100
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
BALTIMORE EXCHANGES.
Baltimore.
Philadelphia.
Boston.
Week enllno
July 30 1915. Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
49 36,000
9,800 $2,200 6,314 $10,039
Saturday................
12,100 22,920 34,248
457 42,800
Monday................. 26,926
14,200 17,092
61,545
75
4,000
Tuesday............... 23,257
21,000 21,844
19,600
30,007
530
Wednesday_____ 48,501
30,000 24,936
664 48,400
95,359
Thursday______ 36,124
27,000
39,100
17,500 8,857
475
Friday................... 41,255
1S5,866| 397,000' 101,963 3270,298
2,250| $147,800
Total

New York City Banks and Trust Companies.
Bid As*
545 555
200 208
175 185
145 165
400
225 260
160
140 150
100 125
175 185
540 560
Chath APhen 182 190
Chelsea Ex*. 115 125
Chemical__ 400 410
Citizens Cent 167 175
City_______ 385 395
Coal A Iron. 155 165
Colonial* ... 450
Columbia* . 300 325
Commerce .. tl61
Corn Exch*. 295 305
Cosmopolitn* 85 100
East River. 70 85
Fidelity*___ 140 155
Fifth Avo*.. 4200 4500
Fifth............. 250 300
First ............. 870 900
Garfield ___ 175 190
Germ-Amer* 135 145
German Ex*. 390 410
Germania * .. 425 475
Gotham . . . 190
Hanover___ 610 630
Harrlman .. 315 325
Imp A Trad. 500 515
175
Liberty ____ 620
Lincoln ____ 310 330
Manhattan* 300 315
•Banks markod with
Exchange this week.

Banks
New Yo'k
America* . . .
Amer Excb._
Atlantic ..
Battery Park
Bowery*.. .
Bronx Boro*.
Bronx N at..
Bryant Park*
Butch A Dr.

Bank
Mark A Fult.
Mech A Met.
Merchants’. .
Metropolis* .
Mctropol’n*.
Mutual____
New Neth* .
New York Co
New York...
Pacific*____
Park.............
Prod Exch*..
Public*.........
Seaboard___
Second____
Sherman___
State* ...........
23d Ward*..
Union Exoh.
Unit States*.
Wash H’ts*.
Westell Av*.
Went Side*..
Yorkvillo * ..

Bid
235
250
175
290
170
325
210
725
370
200
393
220
158
___
410
395
125
120
100
130
500
275
160
400
475

As*
215
260
185
310
185
225
825
390
220
400
245
165
175
430
425
135
135
135
138
___
___
175
450
550

Trust Co’s
New York Bid
Astor............. 355
Bankers Tr. 410
B'way Trust. 114
Central Trust 975
Columbia . . . t!70
Commeiclal . 100
Empire____ 295
412
Equltublo Tr 1100
Farm L A 'I r
197
275
Guaranty Tr 595
Hudson.. .. 125
Law Tit A Tr 110
Lincoln Trust 98
Metropolitan 405
Mut’l (WestChester)__ 130
N Y Life Ins
A Trust__ 940
N Y Trust... 575
Title Ou A 1 r 370
Tr’nsatiantlc 150
Union Trust. 330
U SM tgA Tr 380
United States 1020
Westchester . 140

Brooklyn.
Coney Isl’d*. ___ 140
First ______ 255 265
Brooklyn
Flatbush___ 134 142
Greenpolnt.. ___ 150 Brooklyn Tr.
105 120
90 Hamilton . ..
Homestead*.
Mechanics* . 130 111) Kings County
Nlontauk* .. 85 1 to Manufaet’rs195 205
National City 270 280 People’s ____
North Side*. 175 209 Oueens C o..
People's___ 135 145
a (•) are State banks. tSale at auction

470
265
610
137
280

/IS*
365
420
150
990
___
___
305
422
1125
203
295
605
135
115
105
415
135
905
590
380
160
345
395
1010
485
245
275

112
290
80
or at Stock

C U R R E N T N O T IC E .
— “ Have Y ou M ade Y our W ill? ” is tho title o f a useful booklet published
b y the Fidelity Trust C o. o f Newark. N . J. T ho comments on the makin
o f a will should interest every one, and a cop y o f this booklet will bo mailed
on request. Address, Frank T . Allen, Publicity M anagor o f tho C o.
— Messrs. C . E . Denison & C o ., Boston and Cleveland, are offering
3100,000 East Cleveland, Ohio, 5% School District bonds, at price to not
the investor 4 .5 0 % . These bonds aro legal investments for M aine, New
Hampshire and Vermont savings banks.

All

Inactive and Unlisted Securities

bond prices are “ and Interest” except where marked

Scundard OU Stocks —Pc 'Shar,
Par Bid Ask
Anglo-Amer Oil new___
*16 16l.|
!<)('
Borne-Scrymser C o..... .100 266 275
Buckeye Pipe Line C o.. 60 *98 100
Chesebrougb Mfg Cons. .100 705 715
Colonial Oil_____ _____ . 100 135 115
Continental Oil----------- . 100 225 229
Crescent Pine Line Co. . . 60 *39 42
Cumberland Pine Line.. .100 46 49
Eureka Pine Line Co__ _10!J 220 225
Galena-Signal Oil com .. . 100 147 150
Prelerred..................... 10(1 135 110
Illinois Pine Line........... .100 136 139
Indiana Pipe Line Co__ . 60 *93 96
Intermit Petroleum___ -_ £! *S5s 87,
NationalTranslt Co___ 26 *29 30
New York Transit C o.. .100 203 207
Northern Pipe Line Co. .100 92 94
Ohio Oil C o .................. 26 *136 13$
Penn-Mex Fuel C o___
•50 55



“f ”

Stand Oil Stks tConcll Per s>iare
Par Bid At*
Merce Oh Corp ______ 25 *9 9>2
Prairie Oil & Gas............. 100 340 315
Solar Refining_____ ____ 100 215 222
Southern Pipe Line Co. 10'- 210
South Penn Ol!— ____ 100 275 2S0
Southwest Pa Pipe Lines. 100 109 112
Standard Oil (California) 100 290 295
Standard Oil (Indiana). 100 410 115
Standard Oil (Kansas) _. 100 310 350
Standard Oil of Kentucky too 254 258
Standard Oil of Nebraska 10(1 305 Ho
Standard Oil ol New Jer. 100 403 106
Standard Oil of New Y’rklOO 188 190
Standard Oil of Ohio___ 106 420 430
Swan A Finch................... 100 110 115
Union Tank Line Co___ 106 79 81
Vacuum Oil____ _ ______ 106 205 210
Washlnton Oil_____ _ . 10 ♦ 32 35
Bonds.
Pierce Oil Corp conv 6? 1924 73 76

[Vol. 101

Street Railways—•
T obacco Stocks —Per Sha
Par; Bid. .41*
Par BUt. Ask.
Pow Ry A L__ 100 47 49
American Cigar common. 100 105 110 Cora’w’lth
Preferred___________ 100 77 79
98 100
Preferred____________ 100 SO
16 20
90 Federal Lleht A Traction 100 (JO
Araer Machine A Fdry..l00
58
Preferred____________ 100
15
Brltlsh-Amcr Tobac ord- £1 *14i2 15^4
Ry A Light----- 100 12 15
Ordinary, bearer_____ £1 *15>2 350 Republic
Preferred............. .......... 100 48 547
Conley Foil........................100 300 150 Tennessee
Ry L A P com. 100 5
Johnson Tin Foil A M et. 100 130 175
23
Preferred....................... 100 25 42
MacAndrews A Forbes.. 100 165
38
Porto Rican-Amer Tob--100 183 190 United Lt A Rys com— 100
70
1st preferred________ 100 67
Reynolds (R J) Tobacco. 100 340 345
69
2 d preferred................... 100 67
11812 120>2
Preferred _
100 88t2 92
Tobacco Products com .. 100 50 60 Wash Ry A El Co---------- 100
82^1 84
Preferred........................
Preferred—See Stock Ex. list.
105
4s. 1951.........................J-D Si 8 D4
United Cigar Stores com. 100 100
Elec. Gas A. Power Co,—
Preferred____________ 100 110 115
10
Am Gas A Elec com......... 50 ♦ 96 98
United Cigar Stores (new) 10 •978 175
Preferred___________ 50 *46 47
Young (J S) Co_________100 165
Am Lt A Trac common.. 100 308 112
Preferred___________ 100 108 111)
Ordnance Stocks—Per cent.
Amer Power A Lt com ... 100 OOH 62
Preferred___________ 100 79 82
Aetna Explosives com__100 130 140 Amer
Public Utilities comlOO 28 33
81
Preferred____________ 100, 78 220
Preferred_____ ______ 100 62 65
Atlas Powder common__100 212 350
Servloe Co com ... 100 43 46
Bliss (E W) Co common- 50 325 139 Cities
Preferred....................... 100 51 54
Preferred_____ ______ 50 129 95 Consumers
Power (Minn)
Canadian Car A Fdry__100 S5 330
90 91
A ref os 1929 __MAN
Canadian Explosives com 100 300 110 Elec1stBond
A Share prof. 100 (198*2 100
Preferred........................ 100 101
so
Great West Pow 5s 1946 JAJ 79 ____
Colt’s Patent Fire
Lighting Co----- 100 45
Arms Mfg......................100 445 455 Indiana
70
4s. 1958 optional......... F-A 68
duPont (E I) de Nemours
;Northern StatesPowercom 100 28 2SV
Powder common_____ 100 650 670
100 83'2 84
Preferred ....................... 100
99
Preferred____________ 100! 96 360
45
Pacific Gas A El com----- 100 43
Electric Boat___________100 353
81 85
1ft preferred___ ____
Preferred____________ 100 350 375
2d preferred_______ 1011 S3I2
Hercules Powder com__ 100 360 380 South
73
Calif Edison com. 100 71
Nllc3-Bemcnt-Pond com. 100 115 US
92 95
Preferred__________ 100
Savape Arms....................100 255 270
6
♦
5
50
Standard
Gas
A
El
(Del)
1725
Winchester Repeat Arms 100 1675
Preferred..................... 50 ♦ 23>2 25
United Gas A Elec Corp 100 17 20
Short Term Notes—Per Cent.
60
1st preferred............... 100 57
21
2d prelerred................. 100 18
Amer Locomotive—
161 Utah Securities Corp... 100 12 13H
5s, July 1916_________J-J 100'2
6 % notes—See Short-Term Notes
5s, July 1917................J-J lOOti 101 Western
Power common 10c 15 ‘ l 0
Am Tob 6% scrip, Sep 1 T5. lOO's'lOO'c
101 50 52
Am T A T Sub C03 5s, 1916. 1007S,10US Preferred...................
Industrial
Anaconda Copper os '17.M-S 100'2 1003)
and Miscellaneous
Balt A Ohio—
993.1 Adams Exp col tr g4s ’47J-D /67l2 69
4Hs 1917......................JAD 99D
75 85
4H= 1918___________JAD 98*2 983.i Alhanco Realty----------- 100 *35
40
Chcs A Ohio 5s 1919 ...J -D 9940 3 , ! 99 6l's Amer Bank Note com .. .60
50
.50
*18
Cblc Elev Ry 5s, 1916...J-J 100'a lOOq Preferred __________ 1110 175 ISO
Chic A W Ind 5s, 1915..M-S 9 8 9 9 American Brass............... 100 130 135
Consum Pow 6s, 1917.MAN 10011 lOO-'s American Chicle com___ 100 90 92
Erie RR 5s, Oct 1 1915.A-O 100 10011 Preferred..................... 100 69 71
Am Gcaphophone com. 100
5s Apr! 1 1918____
SI 85
993i
Prelerred____ ______
5Hs, April 1 1917___ A-O 99 98 VV 983.i
American Hardware__ 100 121 121
General Rubber 5s, ’18 .JAD 10038
American Surety_____ .50 120 130
Hocking Valley 6s, ’15.M-N 100 1007s
1 Amer Type'oundors com urn 35 39
Int Ilarv 5s, Feb 15 ’18.F-A 9 8 1 s11001
9S 3 8 ! Preferred................... 100 85 90
Lackawanna Steel 6s’17.M-3 100l8 10038
100 ’3 u
Amer Writing Paper__ 100
Lake 3h A M So,5s Sept 1915 100S8 10078 Bond
270 285
A Mtge Guar----5s Dec 1915____________
10U2 Borden’s Cond Milk com .100 111) 112
Minn Gen El 6s, 1917.JAD 100H
107
Preferred ..................... 100 106
New Eng Nav 6s, 1917.M-N 9412 9 5 Braden
Copper Mines.. ...6 *638 6?t
N Y C A H Riv­
77 79
10018 10012 Burns Bros, com---------- 100 100
as, Sept 15 1915...
102
Preferred---------------- 100
5s, Oct 1 1915..............A-O 10011 100->S Casualty
Co of America .100 111) __ _
N Y N II A II 5s. May 1 1916
112
Co................... 100 138
Pub Ser Corp N J 5s, T6 M-3 1003.1 10114 Celluloid
Investing Co......... .100 10 20
Schwarz A Sulzb 6s, ’16.J-D 9931lOOts City
70 so
Preferreu ................... .100
Seaboard A L 5s, 1916..M-S loots 10038 Consol
Heating----- mo 52 54
Southern Ry 5s. 1916.. F-A 9778i 9838 Cramp Car
Ship A E Bldg . .100 70 7H,
5s, Mar 2 1917...........M-S2 1003i 10H.4 Davls-Duly
Copper Co. ..10 Ml, 1'3
SulzASonsCo Os.J’nel ’ 1CM-S 9 U2 95*2 Emerson-Brantlngham
10 15
UnTypew 5s,Jan 15'16 J-J 15 1013,11021, Preferred____ ______. .100
100 40 45
United FruItOa.Mayl T7.M-N 9878! 9914 Goldfield Consol Mines. .-10
IV,
Gold notes 5s 1918. .M-N 97 1 99 Havana Tobacco Co__ 100 *l'l
U S Public Serv 6s 1918 A-O 993i 10012 Preferred..................... _10U 5l 38
Utub Co 6s. 1917_____ A-O 77 80
f52
1st
g
5s
June
1
1922.
J-D
5S
UtahSecurCorp 6s,’22M-S15
fntereontinent’l Rub com 100 Oh 7«3
Intermit Banking Co__ .100 99 105
New York City Notes—
Inter Merc Marine----- .100 2>,s 2',
Preferred..................... .10(1 67S 7
6s, Sept 1 1915....................... 1023.1 10278 International
Nickel__ -10U 159 160
6s, Sent 1 1916....................... 1033.1 104
Preferred ..................... 106 103 106
6s, Sept 1 1917............. ,_____
International Salt......... . 10a 21 26
1st g 5s 1951............. A-O /03l2 65
RR. Equipments —
Bid. .1 Ik International
108
Sliver pret .106
100 103
Baltimore A Ohio 4 Ha_____
Deb 6a 1933 ............... .J-J 99 lOOlj
Buff Itocb A Pittsburgh 4He
161 103
Kelly Springfield Tire.. -1011
Equipment 4s. _______
1st prelerred_______ .106 84 SO
Canadian Pacific 4H s____
2d prelerred_______ .10( 155 105
Caro Clinch! A Ohio 5s___
Kerr L ike Mining____ ...6 *33, 4
Central of Georgia 5s...........
Lanston Monotype----- .lot 60 63U
Equipment 4H s_______
La Rose Con30l Mines.. .101f *u 3$
6
Chicago A Alton 4s............. ____
173 177
Lawyers’ Mtge Co.........
6
Chicago A Eastern Illinois 5s ____
Leblgh Val Coal Saies. ..5 ( 155 165
Equipment 4H s................. ____ 6
.Manhattan Transit----- ..20 *3l 1
Chic Ind A I.oulsv 4Hs___
Marconi Wireless of Air ...6 *4’i8 4!2
Chic St I, A N O 5s...............
115 120
Mortgage Bond Co----- .101
Chicago A N W 4 Ha............ 7.50
10( 170 174
National 3urety............ -10(
Chicago R I A Pao 4H*___
N Y Mtge A Security.. . 10( 105 115
Colorado A Southern 5s__
37 42
N Y Title Ins Co...........
Erie 5s...... .......... ........... ...
Nlplsslng Mines............. .. 111 •5D 53,
Equipment 4H s_______
Ohio Copper Co............. .. 106
Equipment 4s_________
Otis Elevator com.........
7*V,
1 73V,
Hocking Valley 4s...............
Preferred ..................... . 101 93 95
Equip 5 s ............................
Realty Assoc (Pklyn). -10( 97 102
Illinois Central 5s________
Remington Typewriter4 Hs . ....................... ..
Common---------------- -101 10 17
Kanawna A Michigan 4Hs
1st prelerred............... .101 57 02
Louisville A Nashville 5a .
2d prelerred................. . 10; 37
Minn St P A S S M 4H3-Hiker A Hege n (Corp for stk! *6 4101,
Missouri Kansas A Texas 5s
) Royai Bak Powd com.. .101 152 157
Missouri Pacltle 5s ______
Preferred____ ______ . 101 102 10212
Mobile A Ohio 5s.................
Safety Car Heat A L t.. .101 104l2
107
Equipment 4 Hs________
Singer
Mlg Co.................
215 222
New York Central Lines 6s
Standard Coupler com. . 101 25 35
Equipment 4H s________
, Preferred __________ .lo t 100
N Y Outarlo A West 4HSSterling Gum................. . . . f *23 3
Norfolk A Western 4 H s..
Sulzberger A Sons pref. .101 90 92
Equlpment 4s.............. ...
Texas A Pacific Coal__ .101 ____ 175
Pennsylvania RR 4H*____
) Tonopah Extension Min . . . *21- 2%
Equipment 4s__________
♦ 21’ 2^8
Pere Marouette 5s
U B Casualty................. .lot 190 210
Equipment 4Hs.
U S Envelope com____ .101 130 140
St Louis Iron Mt A Sou 5s..
Preferred__________ .101 104 107
St Louis A San Francisco fis
) U S Finishing................. 10 8 10
Seaboard Air Line 5s_____
1
Preferred................... .10 30 37
Equipment 4Hs......... .
1
1st g 5s 1919............. --J-. 90
Southern Pacific Co 4,Hs._
)
Con
g 5s 1929........... J-, 671 73H
Southern Railway 4 H s___
U S Tit Ou A Indetn.. .10 1 30 50
Toledo A Ohio Central 4b__
Westchester A Bronx Tltl
A Mtge Guar............. 10 ' 165 180
Railroads—
Worthington (H R) Com
pany pref--------------- ..10 1 88 91 1
Intcrboro Con Corp—SeeStl
Yukon Gold................
*212 238
West Pac 1st 5s 1933
• Per share. 5 Basis, d Purchaser also pays accrued dividend. / Flat price.
n Nominal, x Ex-dlvldend. y Ex-rlghts.

J uly 31 1915.]

THE CHRONICLE

3G 3

|uxrestweut amt ^taitwaxt ItxMIigmte*
RAILROAD

GROSS

EARNINGS

T h e fo llo w in g ta b le sh o w s th e g ro ss e a rn in g s o f e v e r y S T E A M ra ilro a d fro m w h ic h re g u la r w e e k ly o r m o n t h ly r e t u rn s
oan be o b ta in e d . T h e fir s t tw o c o lu m n s o f fig u re s g iv e th e g ro ss e a rn in g s fo r th e la te s t w e e k o r m o n th , a n d th e la s t tw o
c o lu m n s th e e a rn in g s fo r th e p e rio d fro m J u l y 1 to a n d in c lu d in g th e la te s t w e e k o r m o n th .
W e a d d a s u p p le m e n ta ry
statement to s h o w th e fisca l y e a r to ta ls o f those ro a d s w h o se fisca l y e a r does n o t b e g in w it h J u l y , b u t o o ve rs som e o th e r
period. The returns of the electric railways are brought together separately on a subsequent page.

ROADS.

Latest Gross Earnings.
Week or Current Previous
Year.
Year.
Month.

to Latest Date.
Current
Previous
Year.
Year.

Ala N O & Tex P a cs
N O
N or E ast. Juno
296.948 319,613 3,564,721 4,013,920
Ala & Vicksburg June
125,261
142,597 1,523,354 1,857,851
Vicks Shrov & P . Juno
110,994 1,417,615 1,806,279
120,031
Ann A rbor__
3d wlc July
41,300
133,372
41,365
132,090
A tch T on
San F e. J u n o _____ 9 ,951,792;9,271,364 117665587 111109770
Atlanta J3irm & Atl M a y _____
204,412 230,949 2,456,62
3,159,445
Atlanta & West P t . M a y _____
92,186
98,218 1.091,772 1,198,436
Atlantic Coast Line M a y _____ 2,596,949 3.055,882 29,209,214 33,981.826
Chariest & W Car M a y
130,367
146,573 1,043,450 1,956,817
Lou Fiend & St L M ay
102,854
109,811 1,272,377 1,256,964
(/Baltimore
O hio. June .
8,662,956 7,960,602 91,815,797 99,164,010
B & O Ch Ter R B J u n o _____
137,433
137,6S6 1,555,299 1,040,978
Bangor A roostook M a y .......... 279,205 305,068 3,418,444 3,487,440
Bessemer & L E rie. J u n o ____ 1,220,960 1,064,590 8,665,548 8.518,878
Birmingham S outh. M a y ____
58,324
87,079
738,089 1,077.161
Boston & M a in e___ M a y ____ 3,874,708 3,876,082 42,637,216 43.972.332
B u ff Koch & P ittsb . 3d w k July 219,691
211,825
635,476
628,017
Buffalo
Susq Itlt. M a y _____
114.781
73.054 1,335,486 1,498,300
Canadian Northern 3d wk July 277,100 378,900
815,000 1,115.900
Canadian P a c ific .. 3d wk July 1,670,000 2,232,000 4,971,000 6,860,000
Central o f G eorgia. M a y _____
858,157 964,186 11,281,382 13,363,821
Cent o f N ew Jersey M a y .
2.722,889 2,696,199 29.116,553 30,280,068
Cent New England- M ay .
390.174 310.002 3,682,039 3,461,494
Central V erm on t., M a y _____
325,664 339,123 3,502,747 3,714.040
d ie s
Ohio Lines . 3d wk July 822,132 737,343 2,229,724 2,019,225
Chicago & A lton ___ 2d wk July 266.840 250,176
498,535
507,749
C hic Burl
Quincy M a y _____ 6,957,421 6,651,726 83,861,649 86,102,190
/ Chicago
East 111 M a y .
1
, 012,011 1,073.552 13,142,498 14,500,245
Chic Great AVest. 3d wk July 286,298 283,824
802,834
778,648
Chic Ind
L ouisv. 3d wk July
398,394
128,212
379,606
136,360
C hic M ilw & St P .l J u n o _____ 7,810,870 7,854,643 91,435,374 93,613,700
Chic M il & Pug S]
Chic
N orth AVost. J u n o _____ 7,247,727 7,865,556 83,579,675 87.800.293
Chic Poor & St L . . . M a y _____
135,953 1,484.569 1,534,194
113,265
rC hicS t P M & O m . J u n o _____ 1,465,156 1,523,173 18,196,812 18,569,907
C hic Terre II & s E M a y _____
151,454
150,127 2,025,523 1,996,268
Cin Ilam
Dayton M a y _____
869,965 882.852 8.805.617 9,219,574
C olorado M id lan d . M a y ..........
105,374
135,986 1.589,101 1.635,948
Colorado & South 3d wk July 244,950 255,044
731,066
714,549
C o rn w a ll____
M a y _____
117,831
13,080
9,513
167,056
Cornwall & Lebanon M a y _____
270,451
26,716
24,737
287,393
C uba R a ilro a d ____ J u n o _____
432,183 5,206,714 5,161,671
457.571
D ela w a re Hudson M a y .......... 1,879,410 1,903,686 20,787,626 21.250.333
Del Lack
AVcstern M a y _____ 3.713.265 3.706.838 39,205.793 39,567,321
D en y & R io Grande 3d wk July 448,400 450,800 1,336,700 1,321,600
Western Pacific - M a y _____
593.578 458,606 5,093,106 5,726,881
Denver & Salt Lake 3d wk July
37.567
33,200
105,200
104,390
D etroit Tol & Iront M a y _____
117,763 1.635,331 1,384,557
119,692
D etroit & M ackinac 3d wk July
19,353
20,228
65,171
65,946
D et & T ol Shore L . M a y _____
120,044
100,913 1.361.617 1.450,709
Dul & Iron R a n g e .. M a y -------745.851
531,452 4,022.262 5.821.145
Duluth So Sh & Atl 3d wk July
68,673
66,503
200,920
193,999
Elgin Joliet & E ast- M a y _____
801.203 798,367 7,701,092 10,490,472
El Paso & Sou AVest M a y _____
693,470 759,052 7.036,736 8,245,676
E r i e ........................... J u n o _____ 5,437,512 5,312,861 60,830,748 60,992,476
Florida East C oast. M a y _____
656,142 547,010 5,112,369 5,047,082
Fonda Johns & G lov M a y _____
78,372
799,907
89,418
898,180
Georgia R a ilroa d .. M a y _____
198,805 229,577 2,607.076 3.089.287
G rand Trunk P a c .. 1st wk July
56,126
111,818
111,818
56.126
Grand Trunk Syst. 3d wk July 980,898 1,010,895 2,960,805 3,131,773
Grand T rk R y ___ 2d wk July 788,154 885,090 1,588,956 1,751,317
Grand T rk AVest. 2d wk July 142,594
278,189
136.895
268,792
D et Or II & M ilw 2d wk July
58,845
50.849
100,695
109,771
Great N orth System Juno
5,065,223 6,262,945 67,004,903 77.013.294
G u lf
Shio Island. M ay
131,991
146,804 1.498.972 1.849.513
H ocking Valloy____ Juno
513,082 476,936 6,181,153 7.021.145
Illinois Contral____ Juno
4.770.265 5,281,493 62,000,419 66,373,502
Internal & G rt N o r.m
aj
M ay
748,207 687,176 8,466,783 9.306.648
Kanawha & M i c h .. Juno
264,968
165,625 2,911,414 3,110,670
Kansas C ity S outh. Juno
792,226 978,892 10,035.896 10.970,403
Lehigh & Hud R iv . M ay
167,620 161,206 1.653.973 1,633,297
Lehigh & New E n g- M ay
266.006 260,850 2,370,439 1,981,389
Lehigh Valley_____ M a y
3,845,269 3,746,713 38,891,114 38,346,032
Louisiana
A rkan. M a y _____
155,140
152,586 1,590,743 1,615,505
Louisiana R y & N av M ay
176,938
160.852 1,853,687 1.806.323
sLouisvillo & Nashv 3d wk July 997,994
119.075 2,924,889 3,202,360
M acon & Birm ’ham J u n e _____
6,631
128,154
9,376
156,297
888,379| 935,441 10,323,800 10,786,169
Matno Contral_____ M a y -------37,603
M aryland & Penna. Juno
40,094
511,674
532,415
99,3481 116,304 1,279,883 1,499,654
M idland Valley____ M ay
M ineral R ange____ 3d wk July
20,245
18,310
59,237
52,178
M inn & St Louis _i 3d wk July 206,792
198,942
684,833
581,053
Iowa C entral___J
M inn St P & S S M . 3d wk July 516,460 530,146 1,523,540 1,630,407
Mississippi C entral, M a y -------65,649
83,521
781,210
916,646
ti M o Kan & T exas. 3d wk July 570,224 616,677 1,645,834 1,763,692
Missouri P acific. 3d wk July 1,041,000
.
1,204,000 3,083,000 3,413,000
N ashv C hatt & St L M ay
885,626 1.014,190 10,099,209 11,805.680
9,791
N evada-Cal-Oregon 3d wk July
27,436
10,534
29,639
New York Central J u n o _____ 13906706 13231509 154062475 159595583
Boston
Albany. J u n e _____ 1,537,845 1,524,823 16,552,500 17,331,410
)fLake Erie & AV. J u n e _____
485,455 483,174 5,683,647 5.743.648
M ichigan Central J u n o _____ 3,118,283 2,897,085 33.760.732 34,931,058
C leve C C & StLl
Peoria
E ast/ Juno . .
2,985,253 2,955,541 35,824,105 36,405,577
Cincinnati North. June _.
127,113
118,370 1,541,351 1,459,278
Pitts & Lake Erie Juno . .
1,513,339 1,387,020 14.039.732 17,669,360
N Y Chic & St L . Juno . .
1,058,909 902,558 11,413,775 11.809,368
June
.
.
T ol & Ohio C ont.
424,589 226,985 4.946,738 5,351,932
T o t all lines above June . .
25157492 23727065 278425053 290297210

Sc

Sc

Sc

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V

ScSc
Sc

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b

ScSc

Sc

Sc

x
c

Latest Gross Earnings.
J u ly 1 to Latest Date.
Week or Current Previous Current Previous
Month.
Year.
Year.
Year.
Year.

J u ly 1

Sc

Sc

ROADS.

S
$
N ow Orl Great N or M a y __
136,885 148,621 1.460,578 1,724,505
N O M obile & C h ic. M a y . . .
141,950
174,770 1,642.096 2,038,805
N Y N II & I la r tf.I M a y __
5.754,808 5.637.705 59.051,276 61,607,224
N Y Ont & AVcstern J u n e __
714,877 827,673 8,926,946 9,251,570
N Y Susq & W e s t .. June . . . . .
330,956 320,766 3,909,058 3,965,796
N orfolk Southern. _ M a y _____
299,163 346,146 3,553.280, 3,895,885
N orfolk & AVestern. M a y _____ 4.010,353 3,773,014
N orthern P acific___ M a y _____ 4,650,061 5,206.904 38,608,491140,906,105
57,835,879 64,639,391
Northwestern Pac M a y _____
295,589; 329,185 3.214,836 3,382,265
P acific Coast C o ___ M a y _____
484.084: 525.254 5.687.272 6,534,986
zPennsyl vania
M a y _____ 15539078 15487050 167249638 181142710
Balt Ches & Atl M a y _____
96.660 104,800 1.128,410 1,139,633
Cumberland Vail. M a y _____
229,367; 260,862 2,650,213 3,173,069
L ong Island
M a y _____ 1,177,445 1,194,521 11,972,736 11,689,899
M a ry ’d Del & Va M a y _____
71,474
77,581
859,974
881,015
N Y Phila & N orf M a y _____
345,787j 337,520, 3,388,653
_________ 3,450,674
Phil Balt & Wash M a y _____ 1,771,414 1.772,602,18,461,121 18.846,476
AV Jersey
Soash M a y _____
534,391! 552,716 5,941,289 5,969.776
Pennsylvania
__ M a y _____ 4,693,336 4.658,742+8,305,761 56,308,953
Grand Rap & Ind M a y _____
407,773 431,2931 4,887,359 5.115,696
Pitts C C & St L . M a y _____ 3,182,505 3.167,035 35,083,631 38.912,797
V a n d a lia _______ M a y _____
842,528 797.952,10,100,941 10,416,219
T otal linos—
East Pitts & Erie M a y _____ 20266985 20278537 216150592 232286977
AVest Pitts & Erie M a y _____ 9,254,175 9,189,744 99,727,469 112238588
All East & AVest. M a y .......... 29521161 294682821315878064 344525570
Pere M a r q u e t t e ___ M a y _____ 1.447,930,1,280,297 16.574,234 15.630,206
Reading C o —
Phila & R eading. M
, a. y ..........
____ 4,081.702 4,222,630:43,404,762 46,583,444
Coal
Iron C o . . M a y .......... 2,297,003 2,931,775 28,123,887 30,718,287
T otal both c o s . . M a y .......... 6,378,705,7,154,405 71,528,649 77,301,731
R ich Fred & Potom M ay
293,0151 302!016 2,632,505 2.693.706
R io Grande J u n e .. A p r il_____
71,6921
72.234
863,508
868.115
R io Grand S o u th .. 3d wk July
9,930
9,645
30,677
28,229
R ock Island Lines. M a y .
5,336,704 4.974,841 65,288,216 62,471.860
R u tla n d __________ M a y .
306,433 311,144 3,176,192 3,410,651
St Jos
Grand Is l. M a y _____
119,651
122,393 1,390,582 1.485,698
St L Brownsv & M . M a y _____
199,485 215,801 2,106,616 2,475,301
St L Iron M t & Sou M a y _____ 2,313,415 2,636,354 27,670,450 30,756.858
St Louis
San Fran M a y ------- 13,411.869 3.264,644 39,560,010 41,504,439
St Louis Southwost. 3d wk July 209,000 205,000
591,000
619,000
San Ped L A & S L M a y -------856,689 1.000,184 8,579,185 9,904,329
Seaboard Air L ino. M a y .......... 1,762,316 2.049,303 19,651,727 23,467.268
Southern P acific___ J u n e .......... 11963 614 11544275 129865675 138520258
Southern R ailw ay. 3d wk July 1,140,949 1,286,123 3,392,022 3,814,991
M obile & O hio___ 3d wk July
196,227 274,094
586,605
717,721
Cin N O & T P a c. 3d wk July
164,210
182,150
503,154
549,905
Ala Great S outh. 3d wk July
93,786
91,953
260,422
262,450
Georgia So & F la. 3d wk July
43.486
48,614
136,256
145,842
Spok Port
Seattle M a y _____
314,870 384,804 4,041,228 4,554,353
Tonn Ala & Georgia 3d wk July
1,542
1,609
4,546
4,791
Tonnessco Central. M a y _____
124,761
141,071 1,363,094 1,567,679
Texas & P acific____ 3d wk July 322,019 336,135
955,494
968,638
Tidewater & W est. A p r il_____
8,512
7,349
67,974
71,667
T oledo Poor AVost 2d wk July
21,961
24,859
39,070
46,234
T oledo St L & AVest 3d wk July
95,772
99,754
284,399
297,494
Trinity
Brazos V . M a y _____
53,689
114,775
931,005 2,162,608
Union Pacific S yst. M a y .......... 6,584,460 6.838,322 79,631,286 84,824,933
V irginian__________ M ay
497,066 569,130 5,545,402 6.161,566
Virginia & So AVest. June
136.540
159,038 1,799,301 1,939,104
AVabash ___________ J u n e _____ 2,338,352 2,337,655 29,100,630 30,198,423
AVcstern M arylan d. 3d wk July 181,035
163,747
538,910
468,953
AVhooI
Lake E rie. M a y _____
491,283 465.841 4.835,150 7,120.183
AVrightsvillo & Tenn J u n e _____
14,158
17.869
271,368
352,118
Y azoo & Miss V ail. J u n e _____
891.715 850,422 11.818.458 12,552,595

\

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Various Fiscal Years.
Period.
Buffalo Sc Susquehanna R R ____ Jan 1 to M a y
Delaware Sc H udson____________ Jan 1 to M a y

E r io -------------------------------------------- Jan 1
Now York C en tra l.?......... .......... Jan 1
Boston
A lbany_____________ Jan 1
Lake Erie
AVcstern. _____ Jan 1
M ichigan C e n t r a l____________ Jan 1
C jove Cine Chic & St L o u is .. Jan 1
Cincinnati N orthern_________ Jan 1
Pittsburgh & Lako E rie_____ Jan 1
N ow York Chicago
St Louis Jan 1
T oledo
Ohio C entral______ Jan 1
T otal all lines______________ Jan 1
N Y Susquehanna
AVcstern.. Jan 1
zPennsylvania
_________ Jan 1
Baltimore Chesap & A tla n tic. Jan 1
Cumberland V alley___________Jan 1
Long Island................................. Jan 1
M aryland Delaw & Virginia. Jan 1
N Y Philadelphia & N o rfo lk . Jan 1
Phila Baltimore & AVashing’n Jan 1
AVest Jersey & Seashore_____ Jan 1
Pennsylvania
_________ Jan 1
Grand Rapids
Indiana____ Jan 1
Pitts Cine Chic & St L ouis___Jan 1
V andalia______________________Jan 1
T otal linos— East Pitts & Erie Jan 1
— AVostPitts & Erie Jan 1
— All Lines E & AV. IJan 1
R io Grande Junction____________ D ec 1
R utland_________________________'Jan 1

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AGGREGATES OF GROSS EARNINGS— Weekly and Monthly.
•

Current
Year.
$

Weekly Summaries.

Previous Increase or
Year.
Decrease.
$
$
11,795,147
— 973.438

%

•Monthly Summaries.
Mileage. Cur. Yr. Fret. Yr.

Current
Year.
%

Juno
Juno
June
June
June
June
Juno
Juno
June
Juno
June
Juno
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
M ay
Apr
M ay

Current
Year.

Previous
Year.

565,113
571,721
8,866,983 8,778.708
29,614,040 28,443,517
75,552,983 73,152,303
8,119,507 8,058,448
2,766,139 2,685,261
16,558,053 16,262,287
17,042,260 16,583,845
707.480
637,601
7,037,944 7.995,576
5,681,706 5,562,902
2,072.064 2,055,950
135538136 132094173
2,003,030 1,986,065
71,737,438 75,961,216
383,507
391,042
1,131,621 1,356,069
4.707,654 4.619,68s
303,064
310,78n
1,438,445 1,430,912
7,922,485 8,008,413
2.185,021 2,116,32u
19,869,052 2 1 ,172,58o
2,038,144 2,101.524
15.111,212 15,829,445
4,285,054 4 ,2 9 1 ,69o
91.261,078 95,602,127,
41,908,794 44,051,59;;
133169872 13965371'
321.990
340,447
1.330,147 1.362,796
— ------ " - 8

Previous
Year.

Increase or
Decrease.
%

%

$
9.02
Septem ber. .242,386 238.698 272,992,901 285.850,745 — 12,857,844
— 991,631 8.46
O ctob er___ .244.917 241,093 269.325.262 298.066,118 — 28,740,856 4.50
N ovom b er. .246.497 242,849 240,235,841 272.882,181 — 32.646.340 9.64
— 1,341,200 8.26
— 968,190 8.73
Decem ber _ .246,807 243,242 232.598.369 258.285,270 — 25.686.901 11.96
Jan uary___ -246.959 243.559 220,282,196 230.880,747 — 16,598.551 9.94
— 950,613 8.20
7 .0 l
— 938,001 7.75
February _ . -246,186 242,837 210.860,681 212.163,967 — 1.303.286
M a r c h ____ .246,848 243,598 238.157,881 253,352,099 — 15,194,218 0.6l
— 1,341,136 8.71
5.99
A p r i l _____ .247,701 245,170 237,696,378 241,090,842 — 3.394,464 1.4i
— 1,155,541 9.87
— 1,216,066 10.08
M a y ______ -247.747 245,207 244,692,738 243.367,953 + 1,324,785 0.54
— 1,198,493 9.77
J u n e______ . 88.034
86,468 59.955,244 65,821.768 — 5.866.5241 8.9?
& D ?e3 not include earnings o f C olorado Springs & Cripple Crook D istrict R y .
Includes the Lake Shore
M ich . S o., the C hicago in d . & So 1
the
Dunkirk
Allegheny
Valley
P
itts.,
the
New
York
Ottawa,
the
St.
Lawronce
&
Adirondack
and
Ottawa & New
York R v
the latter UI
of
___ :. .i
r ... the
..
I
« h ph hnlntf
Hnnar an rnirl rlrtPo nnh malrn Kofnroci f f h o TnfoH u l , l .
2d
3d
4th
1st
2d
3d
4lh
1st
2d
3d

week M a y
week M a y
week M a y
week Juno
week Juno
week Juno
week Juno
wook July
week July
week July

(36 roads)-----(36 roads)-----(36 roads)-----(36 roads)____
(36 roads)-----(36 roads)____
(3 l roads)____
(36 road s)____
(34 roads)____
(35 roads)____

n

10,821,709
10,737,012 11.728,643
14,876,882 16,218,082
10,756,561 11.724,751
10,970,091 11,920,704
11,166.951 12,105,012
13,993,259 16,334.395
10,555,138 11,710,679
10,852,144 12,068,210
11,060,669 12,259,162

Sc

Sc

e

*

n

Sc

x Sc

...

u

i
in . i t . X
r T j
f * mciuaws uouisvuie
A g a m ic ana tne Franfcrort
Cincinnati,
Includes the Te^
Central and the YAHchita Falls Lines
p Includes not only operating rovonues, but also all other receipts,
Includes St. Louis Iron M ountain
Southern. * Includes the Northern Central beginning July 1 1914, * We no longer include the M exican roads in any o f our totals
MOUnlaln




[Vol. 101

THE CHRONICLE

364

Latest Gross Earnings by Weeks.— I n th o ta b le w h ic h
fo llo w s w e s u ra u p s e p a ra te ly th e e a rn in g s fo r th o t h ir d w e e k
o f J u l y . T h o ta b lo c o v e rs 35 ro a d s a n d sh o w s 9 .7 7 % in -

Third Week of July.

1915.

980,898

1,010,895

997,994
20,245

1,119,075
18,310

206,792
516,460
570,224
1,041,000
196,227
9,791
9,930
209,000
1,140,948
1,542
322,01!]
95,772
181,035

&

&

$

$
1,833

3
S
91,953
93,786
41,365
41,300
211,825
219,691
378,900
277,100
1,670,000 2,232,000
737,343
822,132
283,824
286,298
136,360
128,212
182,150
164,210
244,950
255,044
450,800
448,400
33,200
37,567
20,228
19,353
66,503
68,673
48,614
43,486

A labam a Great Southern..
Ann A r b o r _______________
B uffalo Rochester & Pittsburgh
Canadian N orthern------------------Canadian P acific_______________
Chesapeake & O h io------------------Chicago Great W estern---- . ----Chicago Indianap & Louisvillo.
Cinc Now Orl & Texas P a cific. _
C olorado & Southern--------------Denver & R io Grando--------------D enver & Salt L ako----------------D etroit & M a ckin a c----------------Duluth South Shoro & Atlantic
Georgia Southern & Florida---- Grand Trunk o f C anada----------'
Grand Trunk W estern-------D etroit Brand Ila v & M ilw .
C anada A tla n tic.--------------Louisville & N ashville-----------Mineral R ange_______ _________
M inneapolis & St Louis---------Iowa Contral______________ .
M inneapolis St Paul & S S M ._
Missouri Kansas
T exas-------Missouri P acific________________
M ob ilo & O h io________________
N ovada-California-Oregon------R io Grando Southern_________
St Louis Southwestern________
Southern R ailw ay__________ - Tonnesseo Alabam a
Georgia
Texas & Pacific_______________
T oled o St Louis & W estern-----W estern M arylan d______
T otal (35 roa d s)------------------N et decrease (9 .7 7 % )--------------

Increase. Decrease.

1914.

7.S66

65
101,800
562,000

84,789
2,474

8,148
17,940
10,094
2,400
4,367
875

...
2,170

5,128
29,997

1,935

198,942
530,146
616,677
1,204,000
274,094
10,534
9,645
205,00(1
1,286,123
1,609
336,135
99,754 ■
163,747

7,850

285
4,000

121,081

13,6864
46,453
163,000
77,867
743

17,288
—

Net Earnings Monthly to Latest Dates.— T h o ta b lo
fo llo w in g s h o w s th o g ro ss a n d n o t o a rn in g s o f S T E A M
ra ilro a d s a n d in d u s tria l co m p a n ie s ro p o rte d th is w e o k :

Gross Earnings
Current
Previous
Year.
Year.
S
S

-------

Roads.

*

Net Earnings
Current
Previous
Year.
Year.
S
*5

A tch T o p & Santa F o .b Juno 9,951,792 9,271,364 13,467,851 J 3 ,073.658
July 1 to Juno 3 0 ...........117665,587 111109,770;41574,033137,040,436
Bellefonto C o n tra l.b __ Juno
7.041
7,392
,1 2 7
Jan 1 to June 3 0 ______
39,365
43,723
4,024
0,8o2
Buffalo R och & Pitts b -Ju n o
865,746
811,170
272,328
271,607
* ‘
‘
2,544,681 2,7b9,574
10,734,692
July 1 to Juno 30______ 9,479,930
463,300
335,300
Canadian N orthern_____ Juno 1,201,300 1,655,300
July 1 to Juno 3 0 ______ 17,225,600 22,700,700 4,828,700 0,351,700
2,678,031
3,335,625
Canadian P a c ific .a ____Juno 7,512,033 10,054,421
.
.
July 1 to June 3 0 ______ 98.865.209 129814,824 33,574,627 42,425.928
Chicago M ihv & St P .b Juno 7,810,870 7.854,643 3,210,577 2,610,601
July 1 to Juno 3 0 ______ 91.435,374 93,613,700 29,463.673 30.723.399
Chicago & N W . a _____ Juno 7,247,727 7,865,556 2,298,071 2,062,422
July 1 to Juno 3 0 ______ 83,579,675 87,800,293 22,691,159 23,245,928
C hicago St P M & O .a .J u n o 1,465,156 1,523,173
411,959
414,157
July 1 to Juno 3 0 _______18.196,842 18,569,907 5,074,215 4.762,507
320,217
203,866
C olorado & South b --------Juno 1,008,211
July 1 to Juno 30______ 14,090,444 13,222,737 4,079,596 3,476,735
176,951
257,748
C ubaR R
........
-Juno
457,571
432,183
July 1 to June 3 0 ______ 5,206,714 5.164,671 2,727,540 2,470,922
1,517,895
1.544,860
E rio a
Juno 5,437,512 5,312,861
J a n 1 to Juno 30............29,614,040 28,443,517 6,331,600 5,774,012
155,303
180,779
H ocking V a lle y .b --------- Juno
513,082
476,936
July 1 to Juno 30______ 6,181,153 7,021,145 1,996,783 2,217,399
l 75,688
/i250,803
M inncap & St Louis a -.J u n e
815,624
786,906
743.197 h2,287,028
July 1 to June 30_______10,111,975 9,620,675
N ow Y ork C en tra l.b --.J u n o l3 .9 0 6 ,7 0 6 13,231,509 5,576,896 3,883,720
Jan 1 to Juno 3 0 ______ 75,552,983 73,152,303 22,788,441 15,712,415
Boston «St A lb a n y .b .-J u n o 1,537,845 1,524,823
583,377
491,430
Jan 1 to Juno 3 0 ............ 8,119,507 8,058,448 2,364,477 1,697,581
137,163
103,410
483,174
Lako Erie
W e st.b -J u n o
485,455
458,902
583,891
Jan 1 to June 3 0 ---------- 2,766,139 2,685,261
890,047
1,137,065
M ichigan C en tra l.b -J u n o 3,118,283 2,897,085
.
.
Jan 1 to Juno 30______ 16,558,053 16,262,287 4,054,156 3,453.078
580,003
623,011
C lo v C in C h & S t L .b .J u n o 2,985,253 2,955,541
Jan 1 to Juno 3 0 . .......... 17,042,260 16,583,845 3,584,408 1,189,339
22,369
23,960
Cincinnati N o r t h .b -.J u n o
127,113
118,370
116,819 d ofl 1,107
Jan 1 to Juno 30_
707,480
637,601
756,502
518,537
Pitts & Lako E rio .b .J u n o 1,513,339 1,387,020
Jan 1 to June 3 0 ---------- 7,037,944 7,995,576 2,834,587 2,670.117
176,000
332,966
902,558
N Y Chic & St L .b .-J u n o 1,058,909
599,558
967,970
Jan 1 to Juno 30---------- 5,681,706 5,562,902
131,328 def58,043
226,985
T o l & Ohio C o n t .b -.J u n o 424,589
72,763
290,061
Jan 1 to Juno 30______ 2,072,064 2,055,950
T otal all lin e s .b _____ Juno25,157,492 23,727,065 9,223,916_ 6,685,825
..... . _
Jan 1 to Juno 3 0 1 35,538,136
132994,173 37,584,810 25,842.646
N Y Ontario & West a .-J u u o
714,877
827,673
185,221
275,500
July 1 to June 3 0 8,926,946
9,251,570 2,141,490 2,102,360
N Y Susq & W est a _____ Juno 330.956
320,766
107,065
90,493
Jan 1 to June 30_ 2,003.030
1,986.065
630,953
603,764
Southern P a cific.a _____ J u n ell.963,614 11,544,275 3,598,362 3,030,616
July 1 to Juno 30_______129 ,865,675 138520,258 35,689,614 37,095,367
Southern Railway b ____June 4,743,560 5,232,400 1,373,670
998,029
J u l y 1 to June 30............ 62,199:509 70,750,996 16,024,799 18.990,347
51,234
160,880
202,488
37,740
Georgia So & Fla b ___ Juno
483,238
July 1 to Juno 3 0 ........ 2,215.773
2,598,759
372,111
53,010
Virginia & Southw b ___ Juno
136,540
159,038
40,808
568,237
July 1 to June 30............- 1,799,301 1,939,104
460,595
def27,550
Western M aryland b — Juno
844,482
711,148
296,196
419,106
July 1 to Juno 30____ 8,683,459
8,267,736 2,426,047
def 322
W rigthsville & Tenn b -.J u n o
14,158
17,869 def 1,133
115,214
July 1 to June 3 0 ____
271,368
352,118
50,414

h

h2.

.

_

&

&

IN D U S T R IA L C O M P A N IE S .

Ablngton
R ockland Elec
9,928
Light & P o w e r .a ------- Juno
12,258
64,873
Jan 1 to Juno 3 0 ______
71,949
Atlantic G ulf & W I SS Lines— *
Subsidiary C os______ M a y 1,726,440 1,565,142
Jan 1 to M a y 31______ 8,339,671 7,709,974
104,533
Blackstono V G & E l.a .J u n o
122,003
651,361
Jan 1 to Juno 3 0 ______
710,212
35,569
Edis El Ill(B rockton ).a.Juno
40,920
232,941
Jan 1 to Juno 30______
266,267
44,448
Fall River Gas W orks.a.Juno
43,987
Jan 1 to Juno 30________
248,194 244,394




$

II averhill (M ass) G L .a .-J u n o
Jan 1 to Juno 3 0---------H oughton C o El L t .a .- J u n o
Jan 1 to Juno 3 0 ---------Lowell El L t C o r p .a — Juno
Jan 1 to Juno 3 0 ---------M iss River P o w e r .a — Juno
Jan 1 to Juno 30---------M ontana Power C o a—

2,822
13,716

1,581
12,455

428,931
2,119,582
48,026
278,013
11,322
97,645
17,659
84,163

227,411
965,391
38,447
234,851
9,387
76,985
13,115
46,840

Net Earnings------Current
Previous
Year.
Year.

------

$

$

20,282
123,092
24,106
159,019
38,963
237,894
138,511
812,564

19,753
120,358
21,695
152,844
35,005
228,223
130,988
777,222

5,368
32,429
10,007
67,197
12,407
84,831
111,187
644,740

5,073
28,788
7,990
67,782
12,254
84,228
105,495
632,506

976,432
1,910,207

965,693
1,923,785

693,148
1,345,195

687,839
1,365,643

P acific Tel & T el System—
Jan 1 to Juno 30---------- 5,026,500 4,766,791 1,127,865 1,159,932
34,608
22,230
40,292
55,435
Sierra P acific E lc c .a — Juno
199,654
330,030
132,216
234,220
Jan 1 to June 30---------222,541
416,049
237,556
419,638
Southern Cal E dison— Juno
Jau 1 to Juno 30---------- 2,300,488 2,326,549 1,236,257 1,113,501
Utah Securities Corp (all
388,333
205,209
215,544
p ro p e rtie s )--------------- Juno
.389,429
...
Jan 1 to Juno 3 0 ---------- 2,266,406 2,265,041 1,171,131 1,136,236
a N et earnings here given are after deducting taxes,
b N ot earnings hero given are boforo deducting taxes.
A fter allowing for the other incom e for the month o f Juno 1915, total
not earnings were 8217,124 against 8157.953 last year, and for p o n o d from
July 1 to June 30 were §2,326,253,this year against S l ,9,)l , 4 . 1 6 ^
For June I
against $499,
82,950.274
& c., were $.

h

j

Interest Charges and Surplus.

Int.. Rentals.
A c.—
Previous
Current
Year.
Year.
$

—
145,174
67
14,116
3,982

130,490 1,328,983
1,198,493

11,060,669 12,259,162

Gross Earnings----Current
Previous
Year.
Year.

-------

Companies.

Roads.

Pal. of Net Previous
Earns.—
Current
Year.
Year.

■—

$
S
984
469
235
269
5,442
2,410
1,410
1,614
2143,512
2:159,934
185,091
177,650
X912.718 21,354,783
2,350,368 2,235,014
941,512 1,482,456 1,120,910
815.615
_____ 10,981,164 11,140,258 11,709,995 12,105,670
194,859
189,348
219.298
.June
222,611
2,855,131 2,740,892 2,219,084 2,021,615
106,576
185,440
72,308
70,375
.Juno
819,417 1,873,684 1,651,505
853,856
261,208
2:60,337
.Juno
94,036
97,198
2955,741
2:493,402
1,402,928 1,451,873
150,888
63,186
.Jun o
122,035
124,612
663,692
612.507
1,528,989 1,438,668
N D U S T R IA L C O M P A N IE S
L Elec
1,120
2,627
Juno
195
461
9,817
2,758
2,638
10,958
Jan 1 to June 30.
Lines81,260
146,150
167,553
261,378
..M a y
232,312
733,079 1,276,501
843.081
27,353
20,239
18,208
20,673
106,354
161,916
128,495
116,097
6,911
8,951
2,476
2,731
61.910
81.178
16,476
15,075
Jan 1 to Juno 30
17,607
13,063
52
52
[ R iver Gas W orks.
73,126
42,687
4,153
11,037
Jan 1 to Juno 30
5,360
3,526
8
1,547
t.June
19,514
563
9,274
31,866
Jan 1 to Juno 30.
6,572
4,546
3,435
3,444
ighton C o E lec Lt. ..Ju n o
47,117
20,639
46,558
20,665
Jan 1 to June 30
11,932
322
12,283
124
..Ju n o
1,479
84,699
82,749
132
Jan 1 to Juno 30
86,027
3,901
107,286
19,468
. Juno
505,072
def 1,129
127,434
645,869
M ontana Power Co-—
282,628
399,662
405,211
293,486
548,279
789,278
555,917
817,364
Jan
jin—
615,340
568,527
591,405
512,525
227,459
..J u n o
7,545
7,525
15,061
2156,465
45,903
288,569
45,445
Jan 1 to Juno 30
2153,916
2166,008
..J u n o
88,166
75,681
2692,811
453,120
2786,683
496,535
$

.Juno

Jan 1 to Juno 30.

__

x

x A fter allowing for other incom o received.

ELECTRIC RAILWAY AND TRACTION COMPANIES.

Name
Road.of

Jan. 1 to latest date.
Latest Gross Earnings.
Current
Current
Previous
Week
or
Year.
Year. Previous
Month. Year. Year.
$
$
$ ,706
$
444.033 477,789 2,538,
2,638,537

American R ys C o — J u n o _____
29.863
147 ,829
28,455
146,244
A tlantic Shore R y ---- J u n o _____
721 ,477
783,336
cAur Elgin & Chic R y M a y _____ 165.033 186,749
56,965
310 ,470
60,920
297,091
Bangor lty & Electric M a y _____
15,603
89,,281
15,409
87,150
Baton Rouge Elec Co J u n o _____
63,347
247 .320
64,070
229,648
B eItL R yC orp(N Y C ) . A p r il_____
86.038
348 ,641
77.502
367.153
Berkshire Street R y . M a y -------Brazilian T rac, L & P M a y _____ /6 6 7 0 U 0 re 180830 /31092 ,170 /30255.288
11,458
10,420
47 ,994
50,790
B rock & Plym St Ity . J u n o -------Bklyn Rap Tran Syst A p r il_____ 218*1.979 2189,375 8,467 .443 8.252,412
27,832
29,697
167,322
155 ,597
J
u
n
o
_____
Capo Breton Elec Co
90,909
94,761
460,637
421 ,271
Chattanooga R y & Lt M a y _____
36,149
37.863
153,697
149 ,187
Clovo Palnosv & East M a y ___
486,820
474 ,801
Cleve Southw & C o l. M a y _____ 105,719 112,895
56,286
326,400
54,120
341 ,293
Columbus (Ga) El Co J u n o _____
Colum (O) R y , P & L M a y _____ 245,947 254,559 1,271 .314 1,272,058
pCom ’w’th P ,R y & L. J u n o _____ 1115,495 1099,430 6,838 ,193 6,810,684
Connecticut C o _____ M a y _____ 687,528 720.693 3,082 .584 3,064,841
Consum Pow (M ich) J u n o _____ 298,691 255,055 1,820 ,758 1,680,624
956 ,573
919,718
Cum b C o (M e) P & I. M a y _____ 204,546 197,885
873 ,398 1,113,974
133,277 177,620
Dallas Electric C o — J u n o ____
Detroit United Lines J u n o ____ 1106,372 1066,754 6,076 ,688 5,914,817
156
.175
168.050
43.723
40,181
D D E B & B att(R oc) A p r il_____
555 ,060
630,260
88,096 110,912
Duluth-Superior Trac J u n o _____
980 ,694 1,105,712
East St Louis & Sub­ M a y _____ 194,301 227,430
321
,520
322,097
58,251
58,585
Eastern Toxas E lec. _ J u n o _____
471 224
80,052
515,603
72,931
El Paso Electric C o . . J u n o _____
625 ,320
566.959
42d St M & St N A ve A p r il_____ 159,351 155,127
957
,629
1,196,235
J u n o _____ 165,029 221.694
Galv-H ous Elec C o
468 ,310
511,606
92,056 107,265
Grand Rapids R y Co M a y _____
76,684
471 ,259
469.864
88,369
Harrisburg Railways J u n o _____
Havana El R y , L & P
52,535 1,525,521 1,610,663
50,045
Wlc July 25
(Railway Dept)
52,538
51,699
240,930
255,139
Honolulu R T & Land M a y . . .
24,508
140,152
24,589
128,817
Houghton C o T r C o Juno . . .
462,256 473,462 2,324,164 2,384,930
6Hudson & M anhat M a y - .
847,124 857,570
.
5,292,191 5,309,202
Illinois T raction____ Juno . .
Interboro Ran T ran. M a y _____ 2904,773 2948,937 14,473,594 14,801.273
50,517
59,531
312,710
382,679
Jacksonville T rac Co J u n o _____
21,3811 113,016
120,859
K eokuk E lectric------ J u n o _____ I 18.957

J uly 31 1915.]

K e y W est E lectric___ Juno . .
9,259
56,069
10,837
65,685
Lake Shoro Elec l t y . M a y . .
114,031 120,742
505,339
530,903
Lehigh Valley Transit M a rch .
152,072 136,537
443,731
402.417
Lowist Aug & W aterv M ay
61,014
58,572
263,450
241,918
Long Island E lectric. April . .
17,855
17,976
64,135
61,613
Loulsvillo R a ilw a y .. Juno . .
249,537 279,099 1,457,739 1,592,547
M ilw El R y & Lt C o . M a y . .
466.534 502,708 2,470,961 2.542,676
M ilw L t. lit & T r Co M ay
115,640 124.128
554,730
577,248
Nashville R y & Light M ay
175,513 192,144
894,227
931,896
N Y C ity In te rb o ro .. April
65.949
53,282
219,767
201,322
N Y & Long I sla n d .. April . .
31,907
31,269
121,275
107,164
N Y & N orth Shore. _ April
12,503
13,113
46.725
44.235
N Y & Queens C o ___ April . .
106,362 106,744
402,542
390.085
N ew York R ailways./ M a y . .
1138,652 1199,850 5,454,164 5,509,712
N Y & Stamford R y .1M ay . .
32,228
33,451
125,987
124,376
N Y W estchest & Bos M a y _
43,000
39,230
184,391
159,457
N ortham pton T ra c._ M a y . .
15,449
17,783
66,605
72,259
N o r Ohio T rac & L t. June . .
331,977 317,780 1,756,652 1,721,701
N orth Texas Electric Juno . .
134,484 181,432
787,412 1,038,784
N orthw 1’ ennsylv R y M a y . .
29,321
30,365
132,979
131,301
Ocean E lectric (L I ) . April . .
7,203
7,413
23,116
23.375
Paducah T r & L t C o . Juno . .
21,770
24,613
139,256
150,257
Pensacola Electric C o Juno _.
24,364
122,176
21,511
138,472
Phila Rapid Transit M a y _.
2070.160 2178,842 9.901.842 9,956.217
P ort (Ore) R y,L & P C o M a y _ .
446,149 538,473 2,261,786 2,740.685
Portland (M o) R R
84,316
86,427
M ay . .
376,776
374,813
Puget Sound Tr.L & P M a y
618,364 706.471 3,101.329 3,568,390
(/Republic R y & L t . . Juno _ .
246,691 247,828 1,456,919 1,495,733
404,577 487,006 1,880,368 2,057,753
R hode Island C o ____ M a y . .
R ichm ond L t & R R . April . .
27,198
28,086
105,773
99,060
St Joseph(M o) R y .L t .
97,937 106,262
Heat & Power C o . Juno . .
622,666
634,642
40.463
Santiago El Lt & T r . M a y . .
39,867
189,376
188,741
73,015
63,750
Savannah E lectric Co Juno . .
393.830
423,394
69.463
Second Avenue (Rec) April . .
71,927
252,948
263,518
Southern B oulevard. April . .
18,307
17,080
68,476
64,645
22,558
Staten Isl’d M id lan d . Aprii _ .
21.684
80,004
72,975
81.685
77,004
T am pa Electric C o . . Juno . .
490,120
484,320
T hird A v e n u e ______ April . .
305,445 328,850 1,229,938 1,267.817
450,582 525,037 2,787,443 3,034,801
T oron to Streot I t y .. Juno _.
T w in C'ity R ap T ra n . 2d wk July 175,001 181,141 4,946,771 4,888,069
Uniou R y C o o fN Y C . April .
217,716 215,595
831,912
800,187
Virginia
A P ow er. Juno _
430,201 438,460 2,476,913 2,536,924
Wash Balt & A nnap. M a y .
73,613
78.729
327.076
315,293
April
.
W estchester E lectric.
44,837
45.300
170,581
164,670
W estchester St R R . . M a y .
22,644
23,516
93,895
91,571
Yonkers R ailroad___ April .
59,616
58,448
225.831
213,218
Y ork R ailw ays---------- Juno _
04,037
65,748
380,611
391.418
Youngstow n it O h io. M ay .
23,506
22,216
115,561
106,662
Youngstown & South April .
12,913
13,597
49,700
51.829
b Represents incom e from all sources, c These figures are for consolidated com pany. / Earnings now given In inilreis.
Includes constituent
com panies.

Ivy

g

Electric Railway Net Earnings.'—Tlio following tablo
givos tlio roturn of ELECTRIC railway gross and not
earnings roportod this wook:

Roads.

Gross Earnings
--------------- Net Earnings------Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
S
8
. 8
$

-------

A tlantic Shore R y b ____Juno
28,455
Jan 1 to Juno 30______
147,829
B aton Itougo Elec a ____ Juno
15,409
89,281
Jan 1 to Juno 3 0 ---------B ay Stato St R y b —
A pr 1 to Juno 30---------- 2,342,036
July 1 to June 30............ 9,587,192
B rockton & Plym a ------- Juno
10,420
Jan 1 to Juno 3 0 ............
47,994
27,832
Capo Breton Elec a _____Juno
Jan 1 to Juno 30............
155,597
Cent M iss Val El Props a J ’no
22,792
July 1 to Juno 30............
288,352
Columbus (Ga) Elec a --J u n o
56,286
341,293
Jan 1 to Juno 30............
Dallas Eloc Corp a - - - . . J u n o
133,277
Jan 1 to Juno 3 0 ............
873,398
D etroit United Linos b -Ju n o
1,106,372
Jan 1 to Juno 30............ 6,076,688
Eastern Toxas Elec a — Juno
58,585
Jau 1 to Juno 30............
321,520
El Paso E lect a ---------------Juno
72,931
Jan 1 to Juno 30............
471,224
F t W & N or Ind T r b — M a y
141,502
Jan 1 to M a y 31............
707,782
G alv-IIouston Elec a — Juno
165,029
Jan 1 to Juno 3 0 ---------957,629
H oughton C o Tract a .-J u n o
24,589
Jan 1 to Juno 3 0 ............
128,817
Illinois T ra ctio n .a --------- Juno
847,124
Jan 1 to Juno 30............ 5,292,191
Jacksonville T ract a — Juno
50,517
Jau 1 to Juno 30---------312,710
K en tu cky T r & Term b -M a y
66,220
July 1 to M a y 31---------738,410
Keokuk Elect a ________Juno
18,957
Jan 1 to Juno 3 0 ............
113,016
K e y W ost Elect a ----------Juno
9,259
Jan 1 to Juno 3 0 ---------56,069
N ortham pton T rac a ___M a y
15,449
Jan 1 to M a y 31---------66,605
Northern Toxas Elec a -.J u n o
134,484
Jan 1 to Juno 30---------787,412
N or Ohio Trac & Lt a-.'Ju n e
331,977
Jan 1 to Juno 30---------- 1,756,652
Paducah T r & Lt a --------Juno
21,770
Jan 1 to Juno 3 0 ............
139,256
Pensacola E lect a ----------Juno
21,511
Jan 1 to Juno 3 0 ............
122,176
Philadelphia Com pany—
N a t gas & oil d ep ts..J u n e
484,996
A pr 1 to Juno 30---------- 1,783,685
ConsolG asCo o f P itts. Juno
8,544
A pr 1 to Juno 30---------32,102
Duquesne Light_____ Juno
384,551
A pr 1 to Juno 30............ - 1,185,300
Pennsylvania Lt & P . Juno
14,078
A pr 1 to Juno 30______
44,138
Pittsburgh R ailw ays.Juno 1,026,670
A pr 1 to Juno 30............ 2,994,824
Beaver Valley T r a c ..J u n o
29,183
A pr 1 to Juno 30______
85,434
R epublic R y & L t and
Subsidiary Cos a ------ Juno
246,691
Jan 1 to Juno 30............ 1,456,919




29,863
146,244
15,603
87,150

d efl,4 28
10,010
6,443
34,561

5,788
14,011
6.0 1 3
28,975

2,498,786
680,453
9,695,249 2,929,614
11,458
2,460
50.790
1,571
29,697
9,976
167,322
57,486
24,946
7,164
293,022
90,466
54,120
29,207
326,400
181,362
177,620
45,363
1,113,974
337,157
1,066,754
280,060
5,914,817 1,799,432
58,251
27,260
322,097
136,227
80,052
32,435
515,603
213,343
154,514
59,224
761,209
301,399
221,694
68,844
1,196,235
354,461
24,508
10,519
140.152
47,332
857,570
303,280
5,309,202 2,026,545
59,531
14,596
382.679
94,020
68,091
31,185
707,261
345,068
21,381
6,103
120,859
35,137
10,837
2,569
65,685
13,147
17,783
7,487
72,259
28,774
181.432
44,947
1,038,784
284,608
317,780
131,098
1,721,701
655,005
24,613
7,934
150,257
48,463
24,364
9,766
138.472
51,120

953,697
3,331,280
2,588
1,456
12,102
66,319
8,547
103,727
33,323
186,275
71,732
435,547
290,771
1,714,607
24,050
120,163
30,202
223,071
62,322
322,400
111,413
523,441
7,898
48,088
314,442
2,019,527
18,961
143,504
31,928
332,977
7,832
44,287
3,919
23,332
7,809
29,328
83.881
442,215
118,255
662,065
8,340
51,840
9,495
50,964

463,189
213,295
1,792,724
966,457
9,224
d cfl,0 4 9
37,470
447
356,928
188,815
1,178,594
572,849
16,056
4,730
50,448
15,265
1,042,578
384,034
3,086,246 1,094,942
30,512
7,555
89,178
26,320
247,828
1,495,733

90,743
540,616

Gross Earnings--------------- Net Earnings------Current Previous Current Previous
Year.
Year.
Year.
Year.

•-------

Roads.

S

$

$

Savannah E lec C o a ------ Juno
63,750
73,015
21,902
Jan 1 to June 3 0 ---------393,830
423,394
139,028
77,004
81,685
35,106
T am pa E lect a -------------- June
Jan 1 to Juno 3 0 ---------490,120
484.320
240,133
Twin C ity R ap Tran a .J u n e
768,700
790.335
227,292
Jan 1 to Juno 30---------- 4,589,809 4,513,204
1,246,652
a N et earnings hero given are after deducting taxes,
b N ot earnings here given arc before deducting taxes.

S

23,892
142,161
37,674
221,622
271,326
1,363.643

Interest Charges and Surplus.

Int., Rentals, &c.--------- Pal. of Net Earns.—
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.

—
„

,

Roads.

Baton R ouge E le ctric..J u n o
2,169
*2,069
Jan 1 to Juno 30---------12,832
12,630
B ay State Street R y —530,521
524,546
A p r 1 to June 30---------July 1 to June 30............ 2,072,029 2,006,984
B rockton & P ly m o u th .. Juno
1,123
1,085
6,777
6,454
Jan 1 to Juno
30C ape Breton E le c tr ic ...J u n o
6,594
6,418
Jan 1 to Juno 3 0 ---------39,589
38!562
Cent M iss Val El P rop ’s . Juno
1,915
2 186
July 1 to Juno 3 0 ---------21,965
31.391
Colum bus (Ga) Electric.Juno
28,679
26,488
Jan 1 to Juno 3 0 ---------172,421
151,028
Dallas Electric C o r p ...J u n o
33,395
35,219
Jan 1 to Juno
30.
200,455 170,344
D etroit United L in o s ...J u n o
19.5,058
178,994
Jan 1 to June
3 0 1,116,385 1,079,370
Eastern Toxas E lectric.Juno
8,714
8,352
52,605
49,677
Jan 1 to June 3 0 ............
E l Paso E lectric------------Juno
4,194
4,202
Jan 1 to June 3 0 ............
25,193
26,222
F t W & N or Ind T r ------ M a y
54,608
53,953
268,479
259,455
Jan 1 to M a y 31............
G alvest-IIouston E le c ..J u n o
36,060
.35,670
Jan 1 to June 30---------216,005
221,386
H oughton C ounty T rac.Juno
5,561
5.552
Jan 1 to Juno 3 0 ---------33,384
33,407
Jacksonville T ra ctio n ..J u n o
14,593
12,492
Jan 1 to Juno 30..........
89,816
76,414
Kentucky Trac & T e rm .M a y
19,758
20,639
July 1 to M a y 31---------219,507
225,501
1,824
2,185
K eokuk E lectric________ Juno
Jan 1 to Juno 30---------11,271
13,110
K ey W est E lectric______June
2,564
2,556
Jan 1 to Juno 30---------15,218
15,175
N or Ohio T rac & L t ------ Juno
52,504
51,020
Jan 1 to Juno 30............
308,466
301,835
N orth Toxas E le ctric..J u n o
27,589
26,010
Jan 1 to Juno 30---------163,780
156,823
Paducah T rac & L igh t.Ju no
7,500
7,528
Jan 1 to Juno 3 0 ............
46,296
45,953
Pensacola Electric--------- Juno
7,137
7,138
Jan 1 to Juno 3 0 ---------43,414
43,154
R epublic R y & Light and
subsidiary com panies.Juno
57,550
56,838
Jan 1 to Juno 3 0 ---------341,836
336,025
Savannah E lectric........... Juno
22,972
22,647
Jan 1 to Juno 30............
139,091
137,080
Tam pa E loctric..............Juno
4 ,379
4,456
Jan 1 to Juno 30---------26,361
28,011
Twin C ity R ap Tran ...J u n o
81,648
81,492
Jan 1 to Juno 3 0 ---------492,772
490,704
.

Latest Gross Earnings.
Jan. 1 to latest date.
Week or Current Previous Current Previous
Month. Year. Year.
Year.
Year.

365

-

Name of
Road.

THE CHRONICLE

*4 274
2 L 7 29

*3 944
16,345

149,932
429,151
857,585 1,342,296
1,337
1,503
defo,206
def4,99S
3 382
5 684
17^897
27\757
5 249
6 361
681.501
72,336
528
6 835
8 ,9 4 1
35^ 4 7
11 968
3 6 .51.3
136,702
265i203
*104,072
*133 877
*817,388 *785,577
18 546
15 698
83,622
7(L486
28,241
26 000
188,150
196,849
4,896
8,727
34,519
64,225
22,784
75,743
138,456
302,055
4,958
2,346
13,948
14,681
,3
6,469
4,204
67,089
14,135
14,093
158,825
137,769
4,279
5 647
23,866
31,177
5
1 363
dcf2,071
8,157
78,594
67,235
346,540
360,230
17,358
57,871
120,828
285,392
434
812
2,167
5,889
2,629
2 357
7,706
7,810
33,633
199,545
d e f1,070
def63
30,727
213,772
*147,663
*768,607

39,091
231,307
1 245
5,081
33,218
193,611
189,835
*877,288

* A fter allowing for other incom e received.

ANNUAL REPORTS
Annual Reports.—The following is an index to all annual
reports of steam railroads, streot railways and miscellaneous
companies which have been published since Juno 26.
This indox, which is given monthly, does n ot include
roports in to-day’s “Chroniclo.”

Railroads—

Page.

Industrials (Continued)—

Page.

Balt. & Ohio RU. (Prelim, state’t ).. 123 Electric Properties Corp. and WcstPitts. Shawmut & Northern RR.
lnghouse-Churcli-Kerr & Co____ 284
(Statement of Rec. June 21 1915). 208 Gillette Safety Razor Co., Boston.. 209
Wabash-Pltts. Term. Ry. (Statem’t
Griffin Wheel Co., Chicago.......... . 209
of Receiver accompanying ReoStates Steel Co., Blrm'm, A la .. 128
organlzatlon Plan)........................... 44 Gulf
Hocking Valley Products C o .......... 2164
Electric
Railways
—
Island Creek Coal C o_______
285
Alabama Trac., Light A Power C o.. 283 Kansas City Breweries Co__________ 126
Augusta-Alken Ry. <fc Elec. Corp__283 Lawyers
Mortgage Co.. N. Y ______134
Demarara Elec. Co., Ltd., Halifax.. 212 (W. H.) McElwaln & C o . . . ...............124
Danver (Col.) Tramway Co. (Syst.).2162 Marconi Wireless Tel. Co. of Am er.. 124
Halifax (N.S.) Elec. Tram. Co.,Ltd. 124 Michigan Sugar Co., Detroit.......... 51
Illinois Trac. Co. (Earns, of Com­
(The) Montreal Cotton C o_________ 210
bined Companies)...........................2166 Montreal
Water & Power Co________ 210
Interborough Consol. Corp. (Earns.
Mountain States Tel.ATel.Co.,Den. 210
and bal. sheet of June 1 1915)___ 45 National Brick Co., La Prairie, Ltd. 211
Lake Shore Electric Railway Co___ 2163
Steel Car Co., Ltd...............286
Manila Electric RR. & Ltg. Corp.. 123 National
(The) New River Co. (of W . Va.),
N. Y. Rys. (6 mos. end. Dec. 31)__ 2166 Boston.................
2164
Pacific Gas & Elec. Co. (Year 1914
(Geo. B.) Newton Coal Co., Phila.. 127
and 5 mos. end. May 31 1915).283, 293 Northern Ontario Light & Power C o. 126
Quebec Ry., Light, Heat & Pow. Co. 213 N. Y. & Kentucky Co. & Subslds.. 210
Third Ave. Ry., N. Y. (Prel. report) 208 North Butte Mining Co.......... ............285
Trinidad Elec. Co., Ltd.,Pt. of Spain 214 Pacific Mall Steamship Co_________ 2165
West India Electric Corp., Ltd.........284 Parke, Davis & Co. (Bal. sh. Dec.31)2173
Industrials—
Phila. Co. for Guaranteeing Mtges..2173
Amer. Car & Fdy. Co. (N. J.). N. Y.2163 Pierce OH Corp. (of Va.), N. Y. and
American Thread Co_______________208 St. Louis_____ ________
45
Ames-IIolden-McCready, Ltd_____ 49 Pittsburgh Plate Glass Co__________ 210
Associated Gas & Elec. Co. (N. Y .). 125 Pond Creek Coal Co_______________ 286
Autosalcs Gum & Choc. Co., N . Y .. 125 (The) Prestolite Co., Inc. (N. Y .),
126 Indianapolis................
192,252 Beatrice Creamery C o ................
124
945,948 By-Products Coal & Coke Corp___ 126 Producers Transportation Co., Bak­
Calgary
Power
Co.,
Ltd__________
127
ersfield, Cal...................
2165
dof2,560 CallfornlaWlne Association_________128
d o fl,0 3 9 Canadian Coal&CokeCo.,Ltd.,Mont 46 (The) Steel Co. of Canada, Hamilton
O n t....................................................128
124,838
Converters Co., Ltd____ 211 (The)
Sterling Gum Co., Inc., N. Y . 127
482,192 Canadian
Canadian
Cottons,
Ltd.,
Montreal..
210
Stcwart-Warner Speedometer Corp.,
4,693 Central Coal & Coke Co___________126
Chicago_____________
45
15,565 Central Foundry Co_______________211 Trl-Statc T . & T. Co., Mlnu.&St.P. 211
344,871 Chesapeake & Delaware Canal C o.. 133 Quincy Mining Co. (N. Y .), M ich .. 125
209 Ray Consolidated Copper C o_____ 286
967,014 Copper Range Co__ _____
(Wm.) Cramp & Sons Ship & Engine
Republic Iron & Steel Co.. N. Y. (6
9,883
Building Co., Philadelphia...........2164
ending June 30 1915)........... 284
26,550 Delaware Lack. & Western Coal Co. 208 U.mos.
S. Cast Iron, Pipe & Foundry Co.
Dome Mines Co., Ltd., Toronto___ 50 (N. J . ) . . ..........................................2164
95,572 Dom. Canners, Ltd., Ilamllton.Ont. 211 Westlnghouse Gas Light C o...............127
566,625 1 Duluth Edison Electric Co............... 50 Western Canada Power C o.,M ont.. 127

[VOL. 101.

THE CHRONICLE

3(56

for renewals in excess o f the actual expenditures for renewals during the five

Brooklyn Rapid Transit Co.
years to June 30 1915. T he renewal fund is held against this reserve for
the purpose o f financing the expenditures for renewals when they m ay bo
30 1915.)
1U'^Mortgage
o f"M firch 'i 1912.— T he mortgage o f M arch 1 1912 secured an
The remarks of President Williams will be found at length issue o f 810,000,000
50-year 5 % sinking fund gold bonds guaranteed prin.
on subsequent pages. Below we give the usual comparative and int. b y Union T raction C o. their disposition having been as follows.
Sold
under
special
agreements
reserving to us tho right ot re­
tables for several years.
purchase to D ec. 31 1915-------------------------------------- - .......... ........ S6-2? - non
( R eport f o r F isca l Y e a r en d in g J u n e

RESULTS FOR YEARS ENDING JUNE

30.
[Including the C oney Island & B rooklyn R R . since Jan. 1 1914.]
1914-15.
1913-14.
1912-13.
1911-12.
Passengers carried..........689,822.507 659,147,381 626,304,156 598,555,794
Revenue m ileage---------- 92,909,994
87,535,247 82,217,451 81,604,127
Earns, per revenue m ile.
27.4 cts.
28.2 cts.
28^5 cts.
2<^6cts.
T ransportation................ 26,096,265
M iscellaneous__________
331,421

25,246,453
3 1 1 ,(9 /

T o t a l.............................. 26,427,686
—
M a in t. o f way & s tr u c -. 2,391,815
2,401,841
M a in t. o f equipm ent---Operation o f power plant 1,553,178
4,787,574
T rainm en’s w a g e s -------Operation o f cars— m isc. 1,744,690
607,701
Dam ages p a id --------------261,154
D am ages, legal expenses
53,406
General law expenses—
819,754
General exp en ses---------338,414
Freight & mail expenses
854

25,558,250

24,152,288

23,226,550

2,021,647
2,315,990
1,463,284
4,520,023
1,696,132
543,885
219,759
65,098
822,857
325,055
823

1,678,124
2,202,208
1,421,123
4,062,796
1,572,661
605,092
217,211
61,933
746,871
264,324
1,112

1,636,713
2,155,134
1,404,160
3,863,700
1,586,974
681.441
231,975
65,195
733,294
252,762
711

T o t a l ------------------------- 14,960,381
N et re v e n u e ----------------- 11,467,305
438,715
Other in c o m e ---------------

13,991,553
11,563,697
451,772

12,833,456
11,318,832
339,947

12,612,059
10,614,491
317,991

T otal in co m e ------------ 11,906,020
—
Taxes ______ __ ______ _ 1,700,035
Interest & rentals (n e t). 4,693,424
D iv id e n d s --------------------- 4,467,318
(6 % )
R ato o f d ividend------

12,015,469

11,658,779

10,932,482

1,752,880
4,946,884
3,660,048
(6 % )

1,750,083
5,411,768
2,440.770
(5 M % )

1,775,041
5,446,219
2,239,851
(5 % )

T otal deductions------ 10,860,777
Balance, surplus------------ 1,045,243

10,359,812
1,655,657

9,602,622
2,056,157

9,461,111
1,471,371

Operating Expenses

Deductions

BALANCE SHEET JUNE 30.
1915.
1914.
Liabilities—
S
S____
B .l t .T . stock.. 74,455,218

1915.
—
S
Road & equip.al39,156,848
Bklyn. City RR.
600,000
bonds.b____
Adv. leased cos. 11,179,455
Dep. Bkln. City
lease________ 4,153,945
Mater. & supp. 1,156,053
877,226
Accts. reeelv’le.
150,000
11Ills receivable.
Cap. exp. acct,
subway & rap.
tran.llnes,&c.e30,010,860
Investments__
221,196
Cash.................. 2,617,337
Cash construe.*
equip, subway
&c., lines___ 10,309,705
Insurance res’ve
736,011
City of N. Y __ 1,000,000
State’s Workm’s
173,899
Comp .Comm.
Sink, fund C. I.
17,393
& 13. UK___
Unamort. debt
123,433
disc. &c........
389,510
Prepaid accts.-

Assets

23,865,260 22,949,021
.8 7 ,0 .8
2/< ,o~J

137.813,342

1914.
S
74,455,218

Stock of constlt.
1,136,309
cos.not owned 1,120,809
600,000
10,940,044 Funded d eb t.-.100,466,428 100,972,427
442,662
Real est. mtges.
442,662
3,451,605
4,153,945 Bills payable.c. 3,701,605
4,004,969
1,25S,641 Accts. pay’le .d . 3.741,075
1,735,388
903,784 Taxes accrued. . 1,781,391
018,S21
616,421
550,375 Bond Int. accr’d
96,486
72,975
Int.&rents accr.
Rap. Tr. Constr.
461,244
& Eq. accts.f.
16,356,968
214,316 Proc. from sale
256,876
of real cst.,*c.
1,967,956
Unearned dlsct.—
OnN.Y.Mun.
1,190,970
Ry.Corp.bds. 1,190,970
24,625,862
On C .I . & B.
547,769
125,000
R R. consols..
1 , 0 0 0,000
599,197
7S7.439
Insurance res’ve
176,090 Accr’d amort, of
capital* sink,
1,784,902
fund accrued. 1,733,940
17,393
1.344,732
Special reserve. 1,261,861
34,996
Emp. Ilab. res’ve
9,732,589
439,790 Surplus ______ glO,621,966

T o ta l...........202,872,876 201,566,275

T otal............. 202,872,876 201,560,275

a Includes construction expenditure constituent companies not yet
funded S2.011.059 in 1915 against S I.477,835 in 1914.
b Th’oso are deposited with trustee o f B . R . T . C o. Refunding 4 % bonds,
c These aro secured by deposit o f B . R . T . C o. Retunding bonds.
d Includes dividend payable July.
,
.
e Includes in addition to capital expenditures the unapportioned debt
discount chargeable to cost o f construction and CQuipment, <xc.t under
rapid transit contract, 8681,467.
f Payable from special fund (per contra).
A fter adding certain credits and appropriations— see a subsequent page.
In addition to the above assets there aro tho following treasury bonds
and stocks available for sale, not included in assets or liabilities, viz.:
B . R . T . capital stock (p a r), 864,782, and bonds o f B . R . P. and constituent
com panies (par), 861,539,572.— V . 100. p. 1831, 1591.

it

Sold o u t r ig h t ..--------------------------------------- ---------------- --------------------Bonds held in renewal fund--------------- ------------- ----------r - - , - - - ; r Available for issue under the terms o f the m ortgage during tho

2 ^ ’XXX
ooi.uuu

^U pm Z ff^ uft

f ’ ’R ’ a n i ‘ •C’1’ ’- 6 F t h o "S(U 44,006" 5 % ‘ 3ar trust’certificates o f 1913 maturing from 1913 to 1925, $1,02'4.001Ohavo been retired
during the tw o years ended June 30 1915, leaving $ o ,120,000 now out.
A c .— This account on June 30 1915
amounted to $80,575,215, being a net decrease o f $113,006, as below .
Bonds car trust ctfs. and stock trust ctfs. retired through sinking
funds, & c., and real estate mortgages rotired or reducod by
applying proceeds o f property sold ............. - - - - - - - - ..................... K io’ nnn
Car trust certificates retired through renewal fu n d --------------------- aiz.uuu

Bonds, Mortgages. Ground Rents,

Real Estate Holding Co.

$996,000
T otal d ecrease.- - - - - - - - - - ________ - - - - - - - _____ . . .
N ew real estate m ortgage created b y tno
against the Luzerne and Callowhili car terminal properties,
81,300,000: less existing mortgages on these properties rotired,
8417,006: b a la n co _______________________________________________ 882 ,JJ4

Accident Reserve.

N et reduction
____ - __- - - - - ----- -------— ------------- - — - - — $113,006
—T h is reserve amounted to $1,042,555 June 30 1915, a
decreaso o f $68,148, duo to the settlement o f cases; pending July 1M 9 1 4.
the total suits pending having been reduced from 2,529 $SL2,4®7 during year.
T he last four years show a reduction o f suits pending from 4,367 to 2 A67,
or over 5 0 % , with a reduction in accident reserve o f only about 2 0 % .
T ho city o f Philadelphia Is ^rO(Kedingwlth
its plans for rapid transit developm ent. A s stated in th ea n n u al rePOrt o f
last year, tho city desires tho Philadelphia R apid Transit C o. to operate
the high-speed lines when built, but tho terms o f operation have not yet
been determined upon. (See V .1 01 , p.13‘2: V .100, p .1 5 1 1 ,141. V. JJ.p, loJS)

Rapid Transit Development.—-

INCOME ACCOUNT YEARS ENDING JUNE

30.
1914-15.
1913-14.
1912-13.
1911-12.
Passenger earnings---------$22,971,595 523,356,876 523,020,932 $21,< 27,468
Other r e c e ip t s - ...............
872,011
898,937
906,247
9<3.223
T o t a l ..............................$23,843,606 S24.255.813 $23,927,179 822,700.691
—
M aintenance & renewals*S3,576,541 $3,638,372 $3,589,077 $3,405,105
1,531,573
1,454,122
1,557,965
Oper. o f power p la n ts .. 1,417,240
5,765,413
6,129,119
6,297,115
Operation o f cars_____
6 ,205,10)
2,087,968
1,807,948
1,527,387
G e n e ra l________________ 1,329,829
I>, 158,772
1,225,488
1,278,406
T a xes__________________
1,348,723

Expenses

T otal expenses
$13,877,433 $14,299,245 $14,205,<55 513,948,831
N et earnings - -FT. I I I I - $9 966 1 7 3 $9 956,567 $9,721,423 58,751,860
Interest
..............- - - - $2,259,471 $2,161,696 $1,728,222
$1,509,474
R e n t a l s - : : : . .................. 7,364,997
7.364,635
7,363,618
7.392,876
Sink, fund city contract
120,000
120,000
120,000
---------T otal
$9,744,468 $9,646,331 $9,211,840 $8,902,350
Bal sur "o r def
_sur.$221,705sur.S310,230sur.$509,583dct.$150,490
* Maintenance and renewals in 1914-15 include amount expended.
$2,435,415, against $2,668,751 in 1913-14; and unexpended balance,
$1,141,126 against $969,620.
30 (
91,
789).
1915.
1914.
1913.
—
S
$
S
Leases, franchise, construe., equip.,
_
adv. to leased lines, sink, fund, A c.H J.O W .O gg H 3.698.424 109,008.799

BALANCE SHEET JUNE
Assets

Compare V.

p.

Reserve for renewals, n et___________

1,250,000

2,000,000

297,539

8 “a

1 .1 1 ..M 1

1 .2 2 2 .8 8 0

1.271.029

a

t ^

b

6

^

d. B! ^ . “ d

T ota)....................................................... 117,267,412 117,150,063 110,937,863
—
____
29,978,875 29,978,875
Capital stock paid in ----------------- - — 29,978,8<o
Bonds, mortgages, ground rents, & c. . 80,575,216 80,688,222 74,161,619
1,297,998
903,473
A ccts. p a v ’ie, pay-roll, accr. taxes,&c.
795,983
1,149,233
2,495,263
A ccrued fixed charges........................... 2,477,729
1,110,703
1,432,063
Accident reserves------------------------------ l.JD-Looo
2,241,226
1,042,962
Renewal reserve-------------------------------- } ’
676,849
930,564
Surplus....... ............................................... 1,128,018

Liabilities

Total
— V . i o i ’.'p . 132.

117.267,412 117,150.062 110,937,863

United States Steel Corporation.

30 1915.)
The following stateraont of tko corporation and its subsidi­
Philadelphia Rapid Transit Co.
aries for tho quarter ending Juno 30 was givon out on Tuesday
after the regular monthly mooting of tho directors. Tho “not
(Report fo r F iscal Y ear ending Ju n e 30 1915.)
T. E. Mitten, Chairman of executive committee, Phila­ earnings” as here shown “were arrived at after deducting each
month tho cost of ordinary ropairs and maintenance of plants
delphia, July 26, wrote in substance:
Results.
— The gross earnings show a decreaso of, 8412,207, or 1.7,%. and interest on bonds of subsidiary companies.”
This is accounted for by tho continuance o f tho general industrial depression
For unfilled orders on hand seo “Trade and 1raffic Move­
experienced during the preceding fiscal year which was aggravated by the
further unsettling o f business conditions occasioned b y the outbreak o f the ments” July 17 1915 (page 191).
European war in A ug. 1914, and also b y tho com petition o f tho “ jitney
com m encing in the spring o f 1915.
,
.
Although taxes increased b y 870,317, tho total operating expenses, In­
cluding taxes, show a decrease o f 8421,813. This saving was accomplished
b y making all operating economies possible without impairing the improved
standard o f service. Fixed charges show an increase o f 898,137, duo to
added interest charges. The resultant surplus for tho year was 8221,704,
a decrease o f $88,531.
. ,,,
„
,.
— Tho capital asset account leases, franchises, construc­
tion, equipment, advances to leased lines, sinking funds, & c.. shows a
decreaso o f $688,381, as follows:
.... ...
fci Capital charges account additions & bett ts to prop ., & c— — $329,766
Raid to sinking funds to retire bonds, car trust certificates, & c._ 281.890

Capital Account.

Deduct

Total a d d ition s..................................... - - - ...............- - - ...............--S 6 U ,6 o 6
.— N et reduction o f charges in capital account tor unamor­
tized discount due to the repurchase o f securities previously
sold at a discount and amount charged o ff for amortization
o f discount and com m ission----------------------------------- — --$210,002
R eduction o f sinking funds, m oneys for retirement or bonds,
car trust certificates, * c --------------------------------------------------------- 340,000
Property sold ----------------------------------------------■ - - - --------------------- .---- 444,000
P roportion o f cost of near-side cars charged o ff agst. ren ew a ls., 512,000
Am ortization o f 1910 strike expense------------------------------------------- 93,43o

Renewal Reserve and Renewal Fund

-

Balance, net reduction-------------------------- ------------------- ---------------------8688,381
.— The renewal reserve amounted to
81,269,036 on Juno 30 1915, as against 81,042,962 on July 1 1914, duo to
the appropriation exceeding the expenditures, as follows:
Unexpended balance o f 15% o f gross earnings charged to opera­
tion for maintenance and renewals— .......................................... 51.141,120
Proceeds from sale o f obsolete equipment, &c..................- ...............
T o ta l______________ - _______- _____ ______ _________ - _________ $1,150,648
Deduct
—-Car trust certificates " B ” and " C , ” retired----------------- S512.000

Renewal expenditures.________________________ _______________—
412,574
N”et increaso . _ . ___$226,074
T ho renewal fund June 30 1915 amounted to $1,250,000, o f which $128,­
246 is in cash, tho balanco o f 81,121,754 representing securities including
$654,000 Phila. R . T . 5s o f 1912.
The balanco o f 81,269,036 to tho credit o f tho renowal reserve represents
the accumulated total amounts charged to operating expenses to provide




(E arn in gs fo r the Quarter an d H alf-Y e ar ending Ju n e

1915.
S
27,950,055

Deduct

—
Sink, funds on bonds o f
sub. cos., deprcc. & oxtraord. replaco’t funds 6,031,013
Interest on U . S. Steel
5.493.8S4
Corporation bonds—
245,136
P rom . on bonds redeemed
Sinking funds on U . S.
1,607,458
Stool C orp. bonds------

1914.
$
20,457,596

1913.
$
41,219,813

1912.
$
25,102,265

5,613,007

7,629,786

5,075,119

5,571,142
227,023

5,642,546

5,714,111

1,546,961

1,669,416

1,597,852

13,377,491 12,958,133 14,941,748
7,499,463 26,278,065
14,572,564
6,304,919
6,304,919
D iv .o n p re f. stk. (1 % ) 6,304,919
6,353,781
D lv .o n c o m .s tk . (l> i % ) ___________ __6,353,781
_________ ____________

12,387,082
12,715.183
6,304,919
6,353,781

Sur. or def. for q u a r.su r.8,267,645 d f.5,159,237 srl3,619.365

sur.56.483

H

NET EARNS. FROM OPERATIONS FOR HALF-YEAR END. JUNE 30
1912.
1914.
1913.
1915.
$
•$
$
Net Earnings—•
■$
January_________________ *1,687,150 *4,941,337 *11,342,533 *5,243,406
F ebruary------------------------- *3,638.578 *5 655,6)11
M a r c h __________________ *7,132,081 *7,397,433
T otal first quarter— 12,457,809 17 994 381
A p r i l .................................... *7,286,409 *6,920:879
*6,845,823
M ay
*9,320,576
*6,690,894
J u n e : : : .............................* 1 1 ,3 4 3 ,0 7 0

*10,830,051
*12,254,217

*5,427,320
*7,156,247

34,426,801
*13,072,710
* 14,554,566
*13,592,537

17,826,973
*7,509,207
*8,846,821
*8,746,237

T otal second quarter. 27,950,055
T otal half-year_________ 40,407,864
* A f t e r ...................... '
026. $8
?9 U nS$M 8 4 9 7 "s847.T32r$S42r298r'$83U 524. $831,627 and $830,669 In
1913 and 3723,657. $722,439. $721,371. $807,038. $847,291 a u l $817,120
in 1912.

J uly 31 1915.]

THE CHRONICLE

INCOME ACCOUNT FOR HALF-YEAR ENDING JUNE
1915.

30.

1913.
$
75,646,614

42,929,238

12,957,991
11,171,421
454,046

18,029,494
11,310,755

12,391,529
11.455,960

T otal deductions____ 24,920,242
B a la n co ............................. 15,487,622
—
Preferred (3 * 4 % )______ 12,609,838
Com m on (2
______
______

24,583,458
13,868,519

29,340,249
46,306,365

23,847,489
19,081,749

12,609,838
12,707,562

12,609,838
12,707,562

12,609,838
12,707,562

Total dividends____ 12,609,838
alanco------------------------sr.2,877,784c!
-V . 101, l). 218.

25,317,400

25,317,400

25,317,400

Deduct

T otal not earns, half-year 40,407,864
—
For sink, fund, doprec’n
and reserve fu n d _____ 13,411,707
In torost------------------------- 11,018,263
F rom , on bds. redeemed
490,272

Dividends on Stocks
'A%)

It will bo noted that petitioners’ revenues from dom estic transportation
after paym ent o f express privileges decreased from 871,264,974 in 1913-14
to $64,703,119 in 1914-15, or 9 .21% operating expenses decreased from
$70,011,535 to $65,835,930, or 5.96% net operating revenue decreased
from 81,253,438 to a deficit o f $1,132,812; operating incom e from $68,969
to a deficit o f $2,380,894 in 1915, or $2,449,863.

s

1914.
S
38,451,977

$

1912.

Average
Ac.,31—
on All Domestic Shipments
(in Cents) per Shipment.
Years Revenue,
Ending Jan.
‘ 1915. 1914.
Inc. or Dec.
Avcrago rovenuo per shipm ent____________ 67.66

Virginia-Carolina Chemical Co.
{R ep ort f o r Y e a r en d in g M a y 31 1914.)
The report for the lato year shows the consolidated state­
ment of earnings and surplus account, including the Southern
Cotton Oil and other sub. cos. except Einigkeit (Potash) Co

CONSOLIDATED RESULTS FOR YEARS ENDING M AY

31.
1911-12.
85,5S9,768
$1,282,356

1913-14.
$6,035,176
$1,194,281

1912-13.
$4,934,221
$1,424,308

767,139

518,811

729,960

B al. ,net prof, (see above) .$4,979,949 $4,073,756 $2,991,102
.—
Interest on bonds......... ..
$667,500
$682,500
$697,500
Interest on debentures___
274,335
Interest and discount____
323,905
546,506
840,879
Pref. stock d iv. ( 8 % ) ____ 1,600,000
1,600,000
1.600,000
Com m on stock d ivid en d .------------------ —(See below) -

$3,577,452

m
,
1914-15.
T otal net p rofits_________ $7,129,895
Repairs & m ain ten an ce..$1,476,126
Rescrvo for doubful debts
and cash discount on
unsettled accounts____
673,820

Less Int., Divs., Ac

$590,000
510,898
1,560,000
(3)839,532

T otal deductions_____$2,865,740
$3,123,379 $2,844,006 $3,500,430
Balanco, surplus________ $2,114,209
$77,022
$147,096
$950,377
— The dividends on the com m on stock shown abovo are those paid
out o f tlio earnings o f the respective fiscal years. This m othod differs from
that used b y the com pany, but is in accordance with our usual practico
N o declaration has yet been mado from tho earnings o f tho year 1914-15.

Note.

CONSOLIDATED BALANCE SHEET M AY

Assets

1915.
3

Real estato, plants, & c__43,480,028
Invest, in sub. cos., & c_ . 7,509,238
Cash...................... ...............4,315,134
M fd . prod.,m at. & su p p . 8,860,364
A ccts. & bills rcc’b lo-x __2 3 ,112,561
Int.,in s.,& c.,p aid in a d v .
630,057
Miscellaneous investm ts.
114,542
Sinking fund Investments zl25 ,0 0 0
Insur. fund in v estm en t..
*30,000

Liabilities

Total ............................... 88,182,924
—
Capital stock, prcfcrrod.20.000,000
Capital stock, com m on . .27,984,400
1st M . 15-year 5% b o n d s .13,200,000
10-year 6 % s. f. con v. deb 5,000,000
Bills payable____________ 7,647,150
A ccounts payablo_______ 1,194,428
Drafts against consign t s .
______
P rof. d iv. pay. M a y 31'16
800,000
Contingent a cco u n ts.k ._ 1,378,442
289,402
R eserv es ________________
S u rp lu s..............................yl0,689,102
T o t a l -------------------------- 88,182,924

s

31.

1914.
1913.
$
'
43,531,129 43,802,772
7,228,828
6,939,676
4,280.012
3,876,204
8,394,468
8,315,429
17,764,868 17,695,404
640,314
684,402
59,318
63,300

1912.
3
43,037,884
6.085,210
4,565,054
9,921,310
14,531,384
626,958
39.907

30,000

30,000

30,000

81,928,937

81,407,188

78.837,707

2 0 , 000,000
27,984,400
13,500,000

20 , 000,000
27,984,400
13,800,000

2 0 , 000,000
27,984,400
14,100,000

9,899,250
1 , 201,111
87,720

10,022,751
1,053,033
7,886

5,519,978
1,108,046
347,610

206,321
9,050,135

205,177
8,333,941

325,758
9,451,915

81,928,937

81,407,188

78,837,707

* Investments in 10-ycar 6 % sinking fund convertible debentures at par
x A fter deducting bills endorsed and discounted in tho ordinary courso o f
businoss, $3,520,419 in 1915 against $5,125,537 in 1914, $4,125,047 in 1913
and $4,017,779 in 1912, and reserves for doubtful debts and rebate o f inter­
est (also cash discount allowable on accounts receivable), $1,338,795 in
1914 against $1,138,726 and $1,293,261 in 1913 and 1912, respectively.
y A fter deducting difference between book and sales value o f capital
assets o f tho Southern C otton Oil C o. sold or dismantled during tho year,
$122,505 commissions and expenses in connection with tho issue o f tho
10-ycar 6 % sinking fund convertible debentures, $227,737, and rosorvo for
doubtful debts, & c., $125,000.
z Invested in 10-year 6 % sinking fund convertible debentures at par.
k Denotes reserves for doubtful accounts, robato o f interest and cash
discount allowable on accounts receivablo.— V . 100, p. 2173, 2015.

367

75.59 — 7.93 10.49%
Express privileges__________________________34.29 38.40 — 4.11 10.70%
Operating expenses, taxes, &c____ I I . 1134.60 37.15 — 2.55
6 .8 6 %
Operating loss_______________ _
i 23 sur.04
+ 1 .2 7
............
,
w\b?r °,f shipments handled increased from 191.644,891 in 1914 to
193,870,819 in 1915., an increaso o f 2,225,928, or 1 .1 6 % . T ho averago
charge per shipment In 1914 was 75.59 cents, whilo in 1915 it was 67.66 cts .,
a docreaso ot 7.93 cts., or 10.49% . In 1915 petitioners handled 2,225,928
m oro shipments than in 1914, with a docreaso in revenue o f $13,680,811
and a decroaso in operating expenses o f $4,111,992.
31.
-------------------------1913-14.
1914-15.
1913-14.
Miles oper
37,800
33,857 +11.84%
05,948
58,380 + 12 .9 5 %
Transp. rev-$32,624,822 S34,127,295 — 4.40% 542,728,554 $42,317,834 +0.97%
No. of ship ts 51,958,057 45,753,212 +13.50% 02,590,039 5 5 ,800,078 + 12 . 17 %
Av.rev.per ship.
02.79c. 74.59c— 15.80%
08.26c.
75.83c. — 9.98%
Op.exp.&tax.$17,542,345 $10,773,545 + 4.58% $22,580,208 $21,084,235 + 4 16%
do per ship.
33.76c. 36.66c. — 7.91%
36.08c.
38.80c. — 7 15%
Expr. p riv..$16,188,445 $18,073,915 — 10.43% $21,757,188 $21,298,707 +2.15%
-------------------------------------- 1914-15.
1913-14.
1914-15.
1913-14.
Miles oper..
33,470 32,714 +2.33%
74,212
05,817 + 12 75%
Transp. rev.$14,312,540 $15,855,392 — 9.73% $34.43+941 $32,279,072 + 6 67%
No.of shlp’ts. 20,849,794 20,430,130
+2.05% 47,291,849 41,032,385 +15 25%
Av.rev.per ship. 08.65c.
77.01c.— 11.55%
72.81c.
78.07c. — 7.45%
Op.cxp.&tax. $0,512,877 $0,932,879
— 6.06% $16,386,117 $15,190,502 +7.83%
do per ship.
31.24c.
33.93c.
— 7.93%
34.60c.
37.03c. — 6.43%
Expr. p riv.. 87,360,096 $8,117,642
— 9.26% 817,507,420 $16,038,543 +9.53%
T ho Adam s Express C o. handled 9 .74% m oro shipments with 0 .8 6 %
increaso in expenses, tho American Express C o .. 1.39% m ore shipments
with 2 .89% decrease in expenses, the Southern Express C o ., 8 .8 8 % m oro
shipments with 1.25% decreaso in expenses Wells, Fargo & C o. experion!;?,cl L 6? % decrease in shipments and 9.3 0 % decroaso in expenses.
llio Adams Express C o. increased its mileage 1 1.84% , whilo its pay­
ments for express privileges decreased 10.43% . Tho American Express
Go- s mileago was increased 12.95% and its payments for express privileges
2 .1 5 % .
lh o Southern Express C o. s mileago increased 2 .3 3 % , whilo its
express privilege payments decreased 9 .2 6 % . Wells, Fargo & C o. in­
creased Its mileago 12.75% and its express privilego paym ents 9 .5 3 % .
T he increaso in tho express privilego item o f Wells, Fargo & C o. is partly
duo, as evidenced b y contracts on file with us, to increaso in its payments
to tho Southern P acific C o ., tho basis o f which was changed as o f M a y 1
1914 from 4 0% to 50% o f the gross, and similar increase under its contract
with tho Erio R R . from 40% to 4 5 % . T ho decreaso o f $1,885,469 in tho
paym ents for express privileges b y tho Adam s Express C o. was apparently
caused in part by a downward revision o f its contracts with railroads. It
reports having recovered from railroads .$980,583 as a result o f readjustment
o f contracts. T ho American Express C o. has m ado certain increases and
decreases in Its express privilego contracts during this period. I t is stated
that petitioners aro still endeavoring to reduce the paym ents for express
privileges b y further m odifications o f their contracts with railroad co s
— W hile tho financial condition o f certain o f petitioners is m oro
favorablo than that o f others, it clearly appears that as a whole they aro
operating at a loss. W o therefore find that additional revenues aro neces­
sary in order that they m ay maintain tho required standard o f servico.
1 he present express rates aro com posed o f tfireo factors: First, an allow­
ance o f 20 cts. per shipment for collection and delivery servico which docs
not vary with tho weight or distance. Second, a rail terminal allowance
o f 25 cts. per 100 lbs. which varies with the weight but not with tho dis­
tance. T hird, the rail transportation per 100 lbs., which varies with both
tho weight and tho distance and also varies in the different zones. As
stated, petitioners ask that wo m odify our order so as to permit o f tho trans­
position o f the first and second factors. T he effect o f this would bo to
increaso tho collection and delivery servico allowance 5 cts. per shipment
and reduco tlio present rail terminal allowance at the rate o f substantially
ono-twenticth o f a cent per lb. T he proposed reduction increases with tho
woight o f tho shipment, whereas tho increaso o f 5 cts. remains stationary.
As tho shipment increases in weight tho increaso o f 5 cts. is gradually re­
duced, and when 100 lbs. is reached tho increaso is balanced, so that on
shipments o f 100 lbs. or over tho proposed adjustment will not effect any
chango. lh o follow ing shows approxim ately tho proposed increases on
nrst-class shipments: 1 to 5 lb s., 5 cts. each; 6 to 29 lb s., 4 cts. each; 30 to
49 lbs., 3 cts. each; 50 to 70 lbs.. 2 cts. each; 71 to 99 lbs 1 ct each
W hilo tho abovo is representative o f tho increases on first-class traffic
second-class shipments will bo increased 75% o f these amounts as tho sec­
ond-class rates aro 75% o f tho first-class rates. Substantially no com ­
m odity rates will bo affected b y tho proposed increases. T ho distanco a
shipment is hauled also has no bearing upon tho proposed increaso in rates
except in so far as they m ay be affected b y fractions o f a cent.

Results for Individual Co’s on Domestic Shipments—Years Ended Jan.
Adams Express Co.
American Express Co.
Inc.or Dec.
Inc.orDec.

Southern Express Co.
Inc.orDec.

Wells, Fargo & Inc
Co. orDcc

Decision.

Pounds- Old New Pound
Pouruis
New Present
Present Old New Present
Old

5
50
!s-------- ------ 100
-----N . Y. and Ilost.- .29
.24
.35
.62
.60
.70 $1 00 $1 00 $1 00
N. Y . and Phlla.. .28
.23
.35
.57
.55
.60
.90
.90
.75
Phila. and Chic.. .35
.30
.60 $1 27 $1 25 $1 13 $2 30 $2 30 $2 25
Pittsb. and St. L., .34
.29
.55 $1 17 $1 15 $1 00 $2 10 $2 10 $2 00
Chic,
and
D
cnv.
.45
.40
.75
$2
22
$2 20 $2 75 $4 20 $4 20 $5 50
Express Companies in United States.
. .. .
----- to the suggested change in tho base rato in Zone 1, which
{D o m e s tic B u sin ess Y ea r en ded J a n . 31 1915—R ate D e c is io n .) is tho territory east o f the Mississippi and north o f tho Ohio Rivers, where
tno companies now operating at a loss d o the greater portion o f their busiTho decision rondorod on July 14 by tho Intor-Stato Com- 5°*®’
tlmt tho present 100-Ib. rates approxim ate tho rates that
In effect prior to Feb. 1 1914 and cannot be increased to tho extent
morco Commission in tho matter of oxpross ratos says in subst: wero
o f providing tho necessary additional revenue without destroying tho
— In our original reports in this caso, 24 I. C . G ., 380, and 28 business. l o thus providei for an increaso o f approxim ately $5,000,000
I. O. O ., 131, which followed a vory exhaustive investigation, wo proscribed It would bo necessary to substantially increase tho 100-lb. rates, m any o f
a uniform schedulo o f rates, classification, rules and regulations, effective which would then exceed thoso in effect prior to tho effective date o f our
Fob. 1 1914, as a wliolo effecting very substantial reductions in rates. On order, particularly tho short-haul ratos.
A Western Stato Commission suggests, although not on tho record, that
M arch 16 1915 tho petitioners asked a m odification o f our order, asserting
that thoy had endeavored to make tho new plan a success b y developing tho relationship o f tho rates in the W est to those in zones farther east is
now business and effecting all possible economies but that, whilo their not what it should bo, and that if any change is to bo m ade a revision o f
express business lias substantially increased in volum o, tho rovenuo there­ tho whoio schome o f rates should bo m ado. Tho investigation which re­
sulted in our original order was m ost exhaustive. T he present plan has
from has not been sufficient to onablo them to continue adequate service
and that as a wliolo thoy are operating at a not loss. Tho petitioners, there­ given vory general satisfaction and has provoked but little com plaint.
fore, request that wo m odify our order so as to permit them to transpose Petitioners havo co-operated earnestly and fairly in an effort to make tho
tw o o f tho three factors com posing tho express rato basis; that is, tho col­ now plan a success and to secure uniform ity o f rates for State and inter­
lection and delivery servico allowance o f 20 cts. per shipment and the rail sta te business. I f they aro, in faco o f thoso efforts, operating at a loss
terminal allowance o f 25 cts. per 100 lbs. Thoy estiinato that such a under rates prescribed b y us, and it clearly appears that they are, they
aro entitled to reasonable relief prom ptly, and without awaiting tho result
transposition would afford them approxim ately 3 .86% increaso in gross rov
Petitioners transact approxim ately 9 5% o f tho express business and o f another goneral investigation that would consumo tw o or three years
A n order will bo entered in conform ity with the plan herein proposed.
operato over approxim ately 9 2% o f tho railroad mileago o f tho country
[In addition to tlioir revenue from dom estic transportation, the com and thoy introduced numerous exhibits showing for tho last year under tho
old rates and tho first year under tho now rates tho operations and financial panics, or some o f them, it will bo remembered, havo an annual incom e
condition o f tho different companies in detail and as a whoio. These ex­ m oro or loss heavy from foreign transportation business and from Interest
on investments.— E d .].— V . 101, p . 291.
hibits aro confined to dom estic transportation.
— On Juno 30 1914 tho United States
Inland Steel Co.f Chicago.
Express C o ., operating approxim ately 31,000 miles o f express routes, re­
tired from tho express business. This mileago is now operated b y peti­
{R ep ort f o r F isca l Y e a r en d in g J u n e 30 1915.)
tioners, and for tills reason tho exhibits introduced, and those used heroin
unless otherwiso noted, include tho operations o f tho United States Express
1914-15.
1913-14.
1912-13.
1911-12.
C o. for tho year ended Jan. 31 1914 and tho flvo months period from that N ot earnings.x_________ $2,041,248
$1,637,172 $2,179,491 $1,230,703
date to Juno 30 1914.
Other in co m e __________
40,310
40,484
61,778
1.394
31 1915
1914.
T otal incom o__________$2,081,558
$1,677,656 $2,231,269 $1,232,097
$)
1914-15.
1913-14.
(A Ii$ )
1914-15.
1913-14.
— I n te re s t_______ $357,390
Ifxpross .._130,941,561 144,689,187 M a i n t c o o x p . 3,955,625 3,616,541
Dividends
(5 %)440',491 y(7)557',914 (10*777.509 ( 1 0 ) 6 8 2 ’, 13 1
M Iscellan's.
232,109
165,293 t r a f f i c ............
785.091
964,981
Doprec. & exhaustion.
327,384
249,008
239,224
195,056
Transportat’n.50,787,235 60,451,279
Tot.tran.rev.131,173,670 144,854,480 General............ 4,307,979 4,978,735
T o t a l ............................... $1,125,265
$1,127,372 $1,278,483 $1,027,937
Expr. prlvil. 66,470,551 73,589,506
Balanco, surplus________ $956,293
$550,284
$952,786
$204,160
Oper. oxpon. 65,835,930 70,011,536
Balanco
64,703,119
u
u iu u v u
r , i kjkj , i l u
i71,204,974 N et..............d
---- _ --------UU1
• ! )1 0 iJ | O l^
1 . J O d ,4 < ) 0
o f.1,132,812
1,253,438
$1,129,803
for
maintenance
and
repairs o f p la n ts ,
la x es (and In 1914-15 uncollect, rovenuo, $ 8 ,4 8 3 )-. 1,248,082 1,184,469 against $1,135,593 in 1913-14, $1,106,258 In 1912-13 and $958,648
In 1911-12
yA lso stock dividend o f 2 5% declared payable Sept. 1 1914.
Operating Income.....................................................dof. 2,380,894
68,969
As to Increaso in dividend rato see item on a subsequent page.

,

Petition.

Results on Domestic Transportation.

(AllCombined Domestic Results for Years ended Jan.




and

Deduct

-Un. El. Lt & P. Co­ —Detroit Edison Co.

BALANCE SHEET JUNE
Mobilities

30.
1915.
1914.
—
—
$
8
Land, plants, *0.17,261,797 15,987,390 Capital s tock ___
Inventories______3,139,350 2,839,015 Bonded debt____
Bills receivable__
177,264
84,243 Accounts payable.
Accounts recclv’lc. 1,591,895 1,541,567 Pay-rolls_______
Insur. unexpircd..
9,146
10,585 Special deposits..
Cash......................
847,984
578,334 Taxes accrued___
Miscell’s Items__
15,767
34,845 Interest accrued..
Reserves..............
Surplus .............. .

Assets

1915.
8
9,909,681
6,410,000
732,388
174,943
130,171
29,250
1,430,968
*4,225.812

1914.
S
7,910,342
5,600,000
774,116
188,452
70,357
59,896
31,500
1,146,296
5,295,020

T o ta l................ 23,043,213 21,075,979

T o ta l.............. .23,043,213 21,075,979

♦After deducting 81,993.331 premium on stock and 832,170 for discount
and expense in connection with ext. and ref. m tge.— V . 100, p. 1441.

(The) North American Company.
1914.)
Tho text of tlio report, together with tho comparative incomo account and balance sheet, will bo found in the “Chron­
icle” of Mar. 20 1914, pago 977. Bolow wo give tho ineomo
accounts and balance sheets of tho subsidiary companies.
(E a r n s , an d B al. Sheets o f S u bsid iary C os. f o r C al. Y ea r

RESULTS OF SUBSIDIARY COMPANIES FOR YEARS ENDING DEC. 31.
— *Wtsc. Edison Co.— United Rys. of St. Louis. -West. Ky. Coal Co.1914.
1913.
1914.
1913.
1914.
1913.

S
S
S
3
3
s
Operating rcvcnue’8,552,809 8,348,20S 12,450,925 12,702,64511,554,850 1,309,546
Non-oper. revenue 87,195
60,068
87,901
84,350/
.8,640,004 8,408,336 12,533,826 12,786,995 1,554,850 1,309,546
.5,969,360 5,746,373

9,412,530

9,227.291 1,231,848 1,063,088

.2,670,644 2,661,963
.1,354,415 1,226,611

3,126,296
2,618,255

3,559,704
2,660,674

.1,316,229 1,435,352
Prof. stock d lv .. . 270,000 270,000

508,041

899,030 D .25,208 D.79,231

Balance, surplusl,046,229 1,165,352

508,011

899,030aD.25,20S D.79,231

323,002
348.210

246,458
325,689

* Total earnings of subsidiaries; for earnings of separate oper. cos. see blow,
a The total deficit of the West Kentucky Coal Co., after deducting 321,895 loss
tolbarges and coal on account of storms, &c., and 327,885 reserve against futuro
losses In 1914, was 374,989; and in 1913, after deducting $24,954 losses (net) to
barge3 of coal on account of storm, S104.183.

-Un.El.L.&P.Co.
----- Detroit Edts.Co.—
1914.
1913.
1914.
1913.
§

s

s

s

St. Lords Elec.
Co.CasCo.
of1914.
Mo.Co.
1914.
s

s

Operating revenue..3,034,815 3,665,42116,495,S15 5,546,537/ 241,691 1,570,S78
Non-opcr. revenue..
17,803
17,361 J
\ 12,i64
32,740
.3,652,618 3,682,782 6,495,815 5,546,5S7
1.2,157,035 2,145,241 3,674,751 3,222,226

253,855 1,603,618
165,574 1,293,866

.1,495,583 1,537,541 2,821,064 2,324,361
864,711 840,576 882,313 695,702

88,281
46,562

309,752
106,665

.. 630,872 696,965 1,938,751 1,628,659
>(6) 593,100(6) 593,100 (7) 941,5641(7)774,642

41,719

203,087

41,719

203,087

..
Balance, surplus..

103,865

37,772

997,187

854,017

* Not reported by company; supplied by Editor and supposed to be correct.

EARNINGS FOR 1914 OF SUBSIDIARIES OFWISCONSIN EDISON CO.
IVls.Gas &El.Co.
Wat.GasL.&P.Co
Burl.El. L.&P.Co
No.Mil. Pow.Co.
Wells
&Mil.El.Rv.
LI. Co. Mll.L.,II.
&Tr.Co. t&El.Co.
Operating revenues.6,005,495 1,493,667 737,778 101,037
Operating expenses.3,097.207
777,863 453.014 53,791
Depreciation........... 698,516
53,095 57,279 10,978
Taxes...................... 436,701
115,003 40,968 5,385

interest charges.

8
26,634
18,921
3,378
777

$
S
11,808 173,387
9,460 108,346
1,481 20,794
592 5,809

547,706 186,517
698,552 10,073

30,883
5,536

3,558
1,727

3,275
111

38,438
2.891

1,838,878 1,246,268 196,590
823,375 645,071 110,193

36,419
23,694

5,285
88

3,386
361

41,329
16,633

1,773,071
Non-oper. revenue-. 65,807

1,015,503
Preferred dividends) 270,000

601,187

86,397
12,000

12,725

5,197

3,025

24,696

. 745,503

601,187

74,397

12,725

5,197

3,025

24,696

BALANCE SHEET DEC.
CCCtS

[Vol. 101

THE CHRONICLE

368

"

(WISCONSIN EDISON CO., INC.).
1914.
1913.
Liabilities—■
S
S
Stock...... ......... _x l1,598,567 11 ,098,567

1914.

31
1913.

§

§

Stocks.................. 13,567,250 13,292,250
,030,000 Conv. debenturcs.y6,500,000
Bonds__________ 5,256,980
112,734 Accounts payable.
913,378
10,902
Cash.
932,206 Accrued interest &
742,555
I.oans____ _____ 65,000
2,000 taxes..................
Accounts recelv’le. 522,125
20,958 Surplus ................ 1,066,084
23,217
Interest receivable
15,000
20,000
Organ Iz’n expenses

6 , 0 0 0,000
1,268,690
37,570
,000,321

T o ta l................ 20,143,029 19,405,148

T o ta l................ 20,143,029 19,405,148

x 215,000 shares, of which 186,003 owned by North American Co.
y $3,595,700 owned by North American Co.

BALANCE SHEETS OF SUBSIDIARY COMPANIES AS OF DEC. 31.
SI. Louis Elec. Co. Wells
Mil.
of Mo. Power Co
Rys. of St.1913.
Louis- Co.GasCo.
&1914.
LI.El.Rv.
Co. -United
1914.
1914.
1914.
1914.

S
Assets—
S
101,869,367
3,089.675
Securs. In treas. — ........
996,913
C ash................
111.521
413,2S1
Notes, &c.. rec. 11,801 ,
Accts. recelv’le. 2,561,245
518,767
Mat’ls & supp.
611,627
29,722
487
Prepaid accts..
Bond dise.&exp.
R c3. sk. fd.,&c. 1,050,000
142,024
Miscellaneous..

8
8
8
8
101,768,301 1,313,710 4,220,253 497,062
9,083
2,982,175 ..............
301,145
6,928
9,220
15,917
251,444/
500
87,638
50,000
20,459
139,551
18,616
705,290
41,320
108,899
5,015
31,614
1,201
2,385
1,348
_____
135.525

\

_____

Total........

Liabllllles-

..............

2,743

3,075

848

.40,431,497 106,917,725 106,039,972 1,527,386 4.5S0.104

588,806

Capital stock...14,350,000 41,900,300 41,900,300 500,000 2,000,000 200,000
Fundeddebt__ 18,533,000 58,458,000 58,526,000 700,000 1,750,000 225,000
578,354/
63,061
540,008
Bills payable.... 303,0001
Accts. payable.. 438,491/
27,748
1 200,09 4 471,923
4,927
5,730
3,051
Surety ,&c.,dep .
26,891
76
Int., taxes, &c.
9,374
36,8171
0.959
accrued........ . 402,7201 1,188,322/ 1,119,049
45,000/
Dlvs. accrued...
--/
139,020 107,282
1,584,520
78,123
2,095,851
Reserves........... 4,739,221
2,415
2,039
6,628
Miscellaneous... 259,294
2,326,216
25,644
2,735,244
113,503
15,113
Surplus............. 1,333,879

i

......

T otal............ .40,431,497 100,917,725 106,039,972 1,527,386 4,580,104




5SS.806

West. Ky. Coal Co.-

-----.
1914.
1913.
1914.
1913.
lo n .
1914.
$
8
8
$
8
Assefs—
$
Prop., plant,&c.27,925,405 27,3.87,947 32,683,100 28,281,397 4,529,840 4,345,7S7
347,665
138,277 1,274,251
138,277
Investments__
39,272
14,539
527,167
763,199
19,271
Cash.................
33,441
6.0641 261,334
1,6731 1,310,497 1,000,512/
Notes payable..
78,206
293,976/
Accts. receivable 486,024 1,401,578/
131,297 138,516
404,786 1,121,117 1,420,523
Mater. & supp.
342,256
Def. chgs., bond
513,518
470,435
9,380
2,886
819,854
disc, and exp.
777,423
103,924
74,657
13,924
14,201
6,908
Prepaid accts . . ________
_______
30,005
4,989
Sinking fund.................—
98,098
78,730 ________ ________
Miscellaneous..
421,162 ’"3h,500
____ _
________y2,116,695 1,991,841
Deficit................................
T otal............ 30,202,194 30,210,794 37,897,702 32,201,086 7,173,453 6,774,123
—
9,885,000 13,487,100 13.415,400 500,000 500,000
Capital stock.. 9 885,000
Funded debt__'l17 071,000 17,071,000 17,483,700 13.716,900 1,763,000 1,794,000
100,000 3,330,596 2,082,767 ________ ________
Notes&bills pay.'
402,484
735,572
923,431 4,581,564 4,225,038
Accts. payablo. ’194,124
27,581
34,989
55,875
64.788
.................
Surety, &c.,dep.
Int., taxes, &c.,
385,222
293,579
44,075
50,000
311,841
518,665
accrued ____
117,673
91,217 -----------Divs. accr., &c.
866,595 284,814 205,085
Rescrves______ 1,555,000 1,105,236 1,224,079
837,626
Surplus_______ 1,039,975 1,002,202 x l ,195,558

Liabilities

T o ta l............ 30,202,194 30,210,794 37,897,702 32,201,086 7,173,453 6,774,123
x After adding 85,755 premium on capital stock and deducting S520.000 appro­
priated for depreciation, $50,000 appropriated for insurance and employers’ liability
reserve and 869,255 for adjustments, y After charging to profit and loss S55.067
for appropriation for depreciation and crediting 85,202 for adjustments.

BALANCE SHEETS OF SUB. COS. OF1914.
WISCONSIN EDISON CO. DEC. 31 1914.
Wat.El.Gas
N.Mll.
MU. Lt.,Ht. &Wlsc.Gas
Co. Burl.El.L.
&$72,066
P. Co. L.&P.Co.
El. Co. &S694.248
Assets—
& Trac. Co. $3,485,427
$32,542
Property, plant, <tc_______ S10,910,485
Investments______________ 14,152,287
Cash_____________________ ________
Notes receivable................- ------------Accounts receivable--------------------Materials and supplies-----------------Prepaid accounts_________
94
Reserve sinking fund, A c—
50,000
Miscellaneous.............
4,780

Total..................................$25,117,646
—
____ _
Capital stock_____________ S10,000,000
Funded debt_____________ 11,189,000
Note.s payable------------------- - - - - - - - ­
Accounts payable-------------- 2,709,609
D eposits................ .......... - - - - - - - - Int., taxes, &c., accrued—
104,041
Dlvs. accrued or unpaid—
----­
Reserves
524,074
Miscellaneous...............
-------­
Surplus..................................
590,922

Liabilities

Total
.........................$25,117,616
— V. 100, p.977.

22,957
25,472

2,963
3,000
1,250
483

$3,959,378

S751.589

$79,808

S36.175

$ 1 , 200,000

$ 200,000

$50,000

$25,000

4,784

” 13',769
40
74,505
136,607
497
” 248’,533

46

303,000
133,499
8,443
16,209

160,000
251,563
33,222
413
1,272

174,821
1,681
121,725

47,353
1,737
50,029

2 ,000,000

$3,959,378

1,413
623

S751.589

431

4,000
2,565
95
770

13,537
11
11,035

2,531

$79,808

$36,175

10

1,209

Cluett, Peabody & Co., Inc., Troy, N. Y.
(R ep ort f o r Six M o n th s en d in g J u n e 30 1915.)
Pres. F. F. Peabody on July 29 wrote:
Notw ithstanding somo depression in tho dry goods trado, tho com pany
is in an unusually strong financial position. During the period under re­
view tho com pany acquired §435,000 o f its preferred stock at a premium, for
its amortization fund, but inventoried it at par. T ho com pany iiad upward
o f §800,000 o f cash in bank on Juno 30, no bills payable, and practically no
liabilities o f any kind. Tho favorable results from tho operations o f tho
com pany’s business wero duo to scientific economies in production and mar­
keting.
1915.
1914.
1915.
1014.
Net sales.............. $6,727,882 $7,280,920 Net profits................... $986,701 $846,720
—
Inc. from sub-cos.
2,700
2,700
Pref. div. (3M % )------- 276,745 280,000
SO,730,582 87.283,020 Dlvs. (2%) on com.
stock paid Feb. and
Exp., &c.*$5,629,687 86,194,052
M a y ......................... 360,000 360,000
Res’ ve for conting.
--------124,216
Interest paid........
1,735
10>72t
„ ,
Depreciation____
112,456
107,925
Balance, surplus...$349,959 S206.720
♦“ Expenses, & c.,” include raw materials, labor, supplies, operating ex­
penses, general and selling expenses and all administrative oxpenses.
30.
1915.
1914.
1915.
1014.
—
$
$
—
S
18,000,000
Real est.,plant,&c.a3,122,S53 3,230,553 Common stock_18,000,000
Good will, patent
____ Preferred s to ck ... 7,565,000 8,000,000
300,000
______
rights, &c........ 18,000,000 IS,000,000 Notes payable___
40,0381
66,259
-ork iIn proc., &c. 1,297,210 1,823,479 Accounts payable.
Work
14,968/
248,306 Res. for taxes, &c.
Cash........ .............
872,713
Finished prod.,&c. 2,232,254 2,211,715 Reserve for contin­
gencies.............................. .
115,663
Accounts recelv'le. 2,074,001 2,412,244
225,752 Surplus................ 2,224,191 l,6S9,14l
Mfg.&op.supp.,&c. b231,888
19,015
Bills receivable
19,878

Deduct

Deduct-

Assets

BALANCE SHEET JUNE
Liabilities
9

T o ta l................ 27,850,797 28,171,004

T o ta l.................27,850,797 28,171,064

a Includes real cstato, buildings, m achinery, vehicles and equipment at
T ro y , Rochester. W aterford and C orinth, N . Y .; South N orwalk, C onn.;
Leominster, M ass., and St. Johns, Quebec, together with furniture and
fixtures at salos-rooms. b Includes manufacturing and operating supplies
and deferred charges to operations including advances applicable to fol­
lowing fall season.— V . 101, p . 290.

GENERAL INVESTMENT NEWS
RAILROADS, INCLUDING ELECTRIC ROADS.
Atlanta & Cliarlotto Ail* Lino Ry.— B on ds O ffere d .—
J. P. Morgan & Co. and Brown Brothers & Co. are offering,
by adv. on another pago, at par and interest, tho unsold por­
tion of §3,500,000 1st M. 5% bonds of 1914, Sorios B, duo
July 1 1944, making, with $5,500,000 Sorios A bonds sold
in June 1914, $9,000,000 outstanding under tho mortgage. A
letter from Fairfax Harrison, President of Southorn Railway,
regarding tho issuo was cited at longtli in last weok’s “Chroniclo.”—V. 101, p. 286, 216.
Boston Elevated Ry.— D iv id en d , 1J^%.—Tho directors
havo declared a quarterly dividend of l lA % on the $23,879,­
400 capital stock, payable Aug. 16 to holders of record
Aug. 5. This comparos with 1% inMay 1915and lj^% quar­
terly in Aug. and Nov. 1914 and Feb. 1915, making a total
of 5 ^ % disbursed for tho fiscal year ending Juno 30 1915
against 5% for tho previous year. Compare V. 100, p.
1509, 1591, 1751; V.98, p. 385. An official statement says:

J uly 31 1915.]

369

THE CHRONICLE
'A

Y ou r directors have declared a quarterly dividend o f 1 % . payable
A ug. 10. This is at tho rate o f 6 % per annum, a rate to which at least
you r directors believe you aro entitled, and, although we d o not know
whether tho earnings for tho year ending Juno 30 1916 will bo sufficient to
lay four quarterly dividends o f 1H % each, your directors have not deemed
t just to reduce the established cate, as there is a chance that 6 % m ay be
earned. This was tho policy adopted in tho year ending June 30 1914,
when it paid an initial semi-annual dividend o f 3 % (rato o f 6 % per annum)
and later a semi-annual dividend o f 2 % , and in the year ending June 30
1915, whon it paid threo quarterly dividends o f 1 % (rate o f 6 % per ann.)
each, and a fourth one o f 1 % . A n estimate has been prepared b y the
Treasurer o f tho probablo net earnings for tho current year, which shows
about
This is upon tho basis that no additional requirements for
depreciation shall bo imposed upon tho com pany.
, ,
,
T ho 6 % rate is on ly 5 1-3% on tho m oney actually paid in to the corpora­
tion b y its stockholders, and is less than a reasonable return on tho actual
investment. Further, the ability o f the com pany to earn and pay at least
6 % , with a sufficient margin for depreciation and contingencies, is necessary
to maintain tho credit o f the com pany so that it can obtain from tim e to time
additional capital for the extensions to its service which tho public desire.
T ho net incom e has been seriously affected b y tho largo increase in the cost
o f labor and materials and b y tho largo burdens which liavo been constantly
imposed upon tho com pany, and in tho judgm ent o f your directors it is not
likely to be sufficient to provide for continuous 6%. dividends, unless some
relief is provided either b y an increase in tho unit o f faro or otherwise.
— V. 101, p. 287.

Ft

A

b lA %-

Brazilian Traction, Light & Power Co.— D iv . R educed.
—A quarterly dividend of Yz of 1% has been declared on
tho $106,217,500 common stock, payable Sept. 1 to holders
of record Aug. 10. From Nov. 1912 to^ Juno 191o 1/2 /o
was paid quarterly. Secretary J. M. Smith says:

exchange

In view o f tho unsettled conditions surrounding
with Brazil
and tho low rates prevailing, and owing to the prolongation o f the war, and
notwithstanding that the earnings o f the com pany “ a7 e. c “ nV“ ¥ ? ^ t®Jl"*
crease in a very satisfactory w ay, the board of directors has decided upon
tho conservative policy o f making the dividend on th e.C0,I?}” 1n0?..fpwhfrb?^
1915 at the rate o f 4 % per annum. Three per cent lias been paid during
tho first half o f the year, and the board has now declared a dividend o f
of
1 % , making ,3
for the three-quarters o f the year.— V . 99, p . H o , 43.

'A

lA %

Buffalo Rochester & Pittsburgh Ry — Y ea rly R esu lts.
—Tho company lias issued substantially tho following state­
ment regarding tlio rosults for tlio fiscal yoar ondmg Juno 30.
(Comparo monthly earnings on a previous page.)
cellaneous
com pared ».u,i
-------- —
_
porior prior to the last three years, and the com pany has earned a safe mar­
gin over its full dividend requirements for tho year.
. . , .
In attaining this result, it did not depart from its policy or maintaining
roadway and equipment at its usual high standard, 35.9%
*ts operating
revenue boing expended for maintenance. W ith a reduction o f 31,.jab,000
in gross earnings com pared with the previous year, the management
.succeeded in offsetting m ore than 81,000,000 o f this amount in decreased
operating expenses, two-thirds o f which was in conducting transportation,
the ratio for the year being 3 3 ,1 7 % . a reduction o f 3 .0 6 % .
.
In addition to haying expended moro than a million dollais for new equip­
ment during the year, tho com pany constructed a modern warehouse ot
re-enforced concreto in its Rochester terminal; eliinipated grade crossings
at Saxton S t., R ochester, an d M cV ea n R oad , Scottsvllle; built a now freight
and passenger station at Sykes, P a .; new power house at Ilu Hois; new steel
bridge carrying the Boulevard and trolley tracks ovor the D ock branch; re­
inforcement o f steel viaduct 270 ft. in length at Silver Lako Junction, also
viaduct as Cascade Park, 780 ft. in length, to carry the heavier locom otives
recently purchased.— V . 100, p. 1831.
_

has

ally from March 1912 to March 1915 inclusive and
during tho years 1902 to 1911, both inclusive.

‘S Y %

Dividend Record on Common Stock Since 1894.

1894.
4

1895.
2

1896.
4

189710 1900.
5 yearly

1901.
6

1902-11.
7 yearly

1912-14.
1915.
5 yearly M a r.. 2

Authoritative Statement Issued on July 29.
o f the board o f directors upon tho dividend seemed to

A

T he action
them
expedient in viow o f tho decrease in operating incom e for the fiscal year
which has just closed; which decrease is attributable to the following con­
ditions. viz.:
. .
„ , _
„
,
1. General business stagnation and the com petition o f the Panama Canal,
both o f which affected particularly the long haul traffic yielding the maxi­
___ ___
mum rovenue.
2. A radical increase in the taxes paid amounting to $640,000, together
with a large inereaso in tho charge for depreciation o f equipment; and unusual
expenditures in connection with the preparation o f the Western advanced
rate cases, freight anil passenger.
.
3. T he long-established policy o f tho com pany to maintain the property
at its custom ary high standard, in preference to sacrificing its physical con­
dition.
. , ,
.
C onfronted with this situation as tho result o f causes entirely beyond
the control o f the management, no other dividend action seemed justifiable.

L isted . —Tho Now York Stock Exchange has authorized
to bo listed $29,141,300 General and Refunding M. 5%
bonds, sorios B, convertible, on notice of issuance in exchange
for outstanding full-paid temporary receipts.
E a r n in g s . —A preliminary statement for the late fiscal
year, it is said, will bo issued next week. From information
dorived at the meeting of tho directors on Thursday it ap­
pears that tho statement will sliowrabout 2.7% to have been
earned on tho common stock. The following figures wrere
made public this week:

Years end. June

Mos. end. Apr.

—
30
10
30­
1913-14.
1914-15.------- 1913-14.
1914-15.
Gross oper. revenues___$93,613,700 891,435,374 $78,647,397 S76,3S0,308
Oper. exp . and taxes__ 66,996,859 66,718,422 5 6 ,1 1 /,508 56,180,559

Add$285
— Interest on advances, $1,203.466; int. on securities owned,
377; dividends on securities owned. 864,078; interest on
N et oper. rovenuo

$26,616,811 $24,716,952 S22.529.8S9 $20,199,749

expend, for additions and botterments, $155,918,and on new
branch lines, S96.148; tota l----------------------------- - — — - - - - - Interest on deposits, & c.. $108,434; rents roceivcd, S3S5.007;
non-operating property incom e, S249.170; int. on construc­
tion material, $9,556; int. on material for equipment, $13,­
164, and miscellaneous, $5,507; total----------------------------------

1 ,80o,o87

770,839

Deduct

Gross corporate incom e for 10 m os. ending Apr. 30 1015-522,776,175
— Hire o f equipment, S 28,266; rents paid, $697,167; in­
terest on loans, & c., $397,314; non-operated property expenscs. 8S4.880: to ta l--------------------------------- -----------------------S I,407,627
Bond interest, $12,037,501: uncollectible railway rovenuo,
$26,104: miscellaneous, $165,240; tota l------------------------------ 12,228,845

Balance, surplus, for dividends for 10 mos. end. A pr. 30 1915. $9,139,703
Dividend requirements for 10 months ending April 30 1915 called for
$0,757,073 on the preferred, and, at tho semi-annual rato o f 2 % for 6
m os. ending D ec. 31 1914 and o f 2% s.-a. for the 4 m os. ending April 30
1915, for $4,479,253 o n tho com m on stock.— V. 101, p. 287, 129.

A

Chicago Railways.— D ela yed D iv id en d . —A dividond
of $4 has been declared on tho Series 1 participating
certificates (30,800 parts), payablo Sept. 1 as of Aug. 1 to
Buffalo & Susquehanna Ry.— Sale A u g . 23.—This road, holdors of record May 20.
Wellsvillo to Buffalo, 86 miles, and appurtonances is adver­
Tlio last distribution on the Series 1 certificates was $4 in June last, the
ent duo Feb. 1915 having been deferred until that tim e. On A ug. 1
tised for salo under foreclosure of 1st M. of 1903 in Buffalo paym
1914 $8 was paid in full o f arrears on the Series 1 certifictaes.
on Aug. 23. Seo now bondholders’ agreomont in V. 101,
Dividend Record of Participation Certificates.
p. 287.
1908.
1909-11.
1912.
1913.
1914.
1915.
N one.
$6
S22
$12
June, $4
Serios 1______ $4
Chicago Burlington & Quincy RR.—B onds C a lled .■—
One hundred and eighteen bonds of S I ,000 each and 27 o f $.100 each,
issued under tho Denver extension mtge. dated D ec. 1 1881, foi paym ent
on A ug. 1 at par at tlio New’ England 1rust C o ., Boston. \ . 101, P* 47.

Chicago & Eastern Illinois RR.— R eceiver’ s A g reem en t
as to E q u ip m en t O bligation s o f E vansville & Serve lla u t e RR.
C o. Series B and C — In addition to his agreement of Juno 25

loib for tho extension of Chicago & Eastorn Illinois equip­
ment obligations, outlined in \. 101, p. 120, Receiver
William C. Jackson, as of tho samo dato, entered into a
similar agreement with tho Farmers’ Loan & 1rust Co.,
trustee, for an extension at 5 Y i°/o until July 1 1917 oi $200,­
000 Evansville & Terre Haute 4 y 2 % equipment obligations,
Sorios B and C. (Comparo V. 101, p. 47, 288.)
Condensed Provisions from Agreement Dated June 25 1915, as to
Evansville & lerre Haute Equipment 4 1
Mis.

A

Sorles 2 ______
— V . 101, p. 212, 129.

_____

--

--

$2

June, $2

Chicago Utilities Co.— T u n n el E a r n in g s . —S. W. Tracy,
as Vico-Presidont of the Subsidiary Chicago Tunnel Co.,
confirms tho following:
During tho period from 1906 to 1914 the com pany paid tho city in taxes
$701,431. and during the same time not one cent to its owners. Revenue
derived from the com pany lias averaged about $ 8 0 0 ,0 0 0 per year, ana
operating expenses and taxes have considerably exceeded tins am ount.
F or a period o f five years, 1910 to 1914 inclusive, the com pany earned,
net, out o f its transportation plant, the sum o f $393,559, after paying op ­
erating expenses. Against this the com pany has paid taxes and franchise
com pensation amounting to $528,035: therefore, the com pany has paid
to tho city in five years $134,476 more than was earned from transportation
property. Tills condition is urged b y the com pany as a reason why it should
bo perm itted to sell its telephone property. (N o report is published.)
Seo V . 100, p. 1831.— V. 101, p. 47.

Cincinnati Hamilton & Dayton Ry.— P a y m en t. —

W hcroas, tliero became duo Feb. 1 1915 tlio final principal installment of
$20 000 4 % equipment obligations. Series B, dated heb. 1 190o, and also

Tliero was deposited on July 10 with J. 1’ . M organ & C o. the funds to
pay tho installment o f $54,000 K leybolte Equipm ent N otes, winch matured
April 1 1915. T ho interest on the entire outstanding amount ($162,000)
had been previously m et.— V. 101, p. 287.

and $60,000 duo Feb. 1 1916:
a/, tho
N ow , therefore,
" ^receiver, under order o f c o u r t , entered Juno 22 1915
lis agreement witli the Farmers’ Loan & Trust C o ., as truswill enter into this
oso w.
o f ............................
extending said equipment
— ............ obligations,
... •
, and
o , tor this rpurtee, for tho purposo
pose will issue $200,000 5 % receivers certificates of 813)00 each oi

Press reports state that tho sale o f tho road has been fixed for Sept. 9 .—
V . 101, p. 129. 47.

Cincinnati Indianapolis & Western RR.— Sale Sept. 9.

nnn

'A

t h o equipment ouiigauons ne ri es I> Him
vu V
*
, ............ 1— ..... ..
obligations B and O which shall be purchased b v tlio trust com pany, (c)
T ho property and franchises o f the Chicago & Eastern Illinois UK. C o.

Cincinnati Traction Co.— D e c is io n . —

Tlio Ohio Supremo Court on July 20, reversing tho H amilton County
Court or Appeals, held constitutional the law which requires tho consent
o f a m ajority o f abutting property owners to be given beforo a car lino can
lie extended or tracks laid uj)on a street. This will, it is expected, prevent
tho building o f the Bond Hill car line along Reading R oad. Comparo
V . 101, p . 212.

Cleveland Barberton Coshocton & Zanesville Ry.'—

T he com pany lias changed its name to the Cleveland
tric R y . C o .—-V. 89, p . 410

& Ohio Central Elec­

Cleveland & Ohio Central Electric Ry.—

porior in all respects to the lion o f tho Refunding A Im provem ent M ortgago
dated July 1 1905 as to all property and franchises o f the Eastern Illinois
C o ., but subordinate to tho underlying morgtagos and liens to the extent
that tlieso liavo priority to said Refunding & Im provem ent M ortgago.
The receiver shall deposit with the trust com pany the $200,000 now cer­
t ific a t e m follows: (a) IJy July 1 $80,000 thereof dated July 1 1915, with
* 9 ,c
'M i l
'
‘
"
..........
tho
C) i
thereon

WM

A ug \ i o i s w U h ^ M c i s h . whereupon the trustee will purchase such o f
th o’ soO.OOO Series*C duo A ug. L as shall b o presented, paying par and
Interest thoreon from July 1915 at 5
P- a. See \ -1 0 1 , P- 288. (c) By
Feb. 1 1916 $60,000 thereof dated Feb. 1 1916 and $1 6o0 ca d i whereupon
tho trustee will purchase such o f tho $60,000 Series O duo Fob. 1 1916 as
shalI bo presented, payinj? therefor par and int. for tbo b m onths to r o b . 1
1916 at
p. a.— V . 101, p . 212. 129.

lA %

b'A%

See Cleveland Barberton C oshocton & Zanosvillo R y . above.

Consumers’ Power Co. (of Maine), Mich.— B on ds —A u ­
th ority to O perate P r op erties in M ich ig a n — M e r g e r P la n . —On

July 20 1915 tho Michigan RR. Commission approved the
application of tho company for an order (1) approving its
present outstanding issues of First Lien & Refunding 5%
25-year gold bonds and common and preferred stocks; (2)
authorizing it to issuo from time to timo $2,714,000 of its
First Lion & Refunding 5% 25-year gold bonds.
These last ($2,714,000) bonds will be issuable upon the procurement or
retirement from timo to time o f $1,213,000 1st XI. 20-year 5% gold bonds o f
tlio Comm onwealth Power C o ., $734,0005% 1st M . sinking fund gold bonds
o f tho Grand Rapids Edison C o ., and 8764,000 1st M . 25-year 5 % gold
bonds o f Grand Rapids-M uskegon Power C o.

The Commission having obtained an expert appraisal
Chicago Milwaukee & St. Paul Ry.— D ivid en d R educed.
—A somi-annual dividond of 2% has been declared on tho of tho proporty, also made an ordor on tho authority of which
$117,411,800 common stock, payable Sopt. 1 to holdors of tho Secretary of State has issued to the company a certificate
record Aug. 12. This comparos with 2 X
A %
semi-annu­ of authority to do business in tho Stato of Michigan. This



370

[Vol. 101.

THE CHRONICLE

enables_the company to take conveyances of the physical
properties heretofore operated by its various subsidiary com­
panies, eleven in number, and to directly own and operato
all of these properties.
T he stock o f the com pany is, therefore, a Comm ission-approved stock,
and is absolutely tax-exem pt in tho State o f Alichigan. Through this order
economies aro effected in operation and also a saving o f Federal incom e tax.
v w ° n i pa,ny.
unc%r..thu management o f H odenpyl, H ardy & C o . and
Ila rd s. i'o r b c t & C o . - V . ° 1 0 L p ° 287.
Wer° plaCed ° n tho m arket by

Denver City Tramway Co.— S ettlem en t. —
0 ,1nCtt')7ecni
° i D enver and tho com pany over tho tax
rate for 1912, 1913 and 1914 has been com prom ised, tho com pany having?
ta yps*o f ? q r S i r | l°n
37i o’Pq1 ln. f,ln! paym ent for tho remainder o f tho
-.n* i 913 an- 19 H taxes which had been in dispute,
dismissed the suit for receivership which tho m unicipality started
taxes were not paid. Under tho assessed valuation made by
S®, S„t!>t o , 1 ax Commission tfie taxes for tho 3 years amounted to $579,273,
'sonn^nn Dt n 08! alb . Penalties up to July 1. The saving is therefore
about $200,000. Under tiio terms ot tho settlement the com pany gayo
a
t ° the city and county o f Denver covering any claim tho State o f
f^!S™;;°:^3lay
f° r. *(s proportion o f tho taxes as assessed b y tho State
Comm ission. It tho State is successful in its contentions, this m ay, it is
expected, require not over $25,000 to bo paid.— V. 97, p . 1203.

CneYt P
llh°J

E . II. Rollins & Sons, fiscal agents, say in substance:
th e interest on outstanding bonds for tho year ended Juno 30 1915 was
earned 1.8 times, which is an excellent showing considering tho fact that
Jitney com petition is presumed to havo been m ost serious in Los Angeles
where it originated in this country. This com petition now seems to bo d y ­
ing a natural death, as tho number o f jitneys now running is understood
to bo less than 2 5% o f tho number in operation at tho height o f tho jitney
craze. T he falling o ff in earnings was duo partly to general business de­
pression, and we believe that the experience o f this com pany has dem on­
strated that tho holders o f bonds o f a conservatively capitalized street rail­
road need have no fear that their investment will bo jeopardized b y jitney
com petition or periods o f acuto business depression. — V. 100, p. 1438.

Memphis (Tenn.) Street Ry.— Suit.—
Tho com pany on July 15 filed a bill in tho Chancery C ourt to onjoin tho
operation o f jitneys in tho city. Jitney corporations and other jitnoy
owners to tho number o f 316 wero m ade defendants. Chancellor Heiskell
— V 100“ p e8F752h0 hCaring OU th0 aPi)licati011 for a temporary injunction.

Monongahela Valley Traction Co., Fairmont, W. Va.

June 60

Gross
Earnings.

6 i 'f w . l n d ‘
—•
1 91 5 ...................$448,810
- v i o o . ' p F g o i . 94,717

Net
Merest,
Balance
Earnings.
Taxes,
Ac. Pref.Diu.
(2 >4% )
Surnlus
$258,027
305,4415

$154,395

152,94(5

$51^475

51,475

$52 157

101,025

Montreal Tramways.— New Stock:—The company, it is
Seo Western Pacific R y . below .— V . 101, p . 212.
stated, is proposing to offer $1,000,000 now stock at par to
present
sharoholdors to tho oxtont of ono skaro for threo.
Detroit (Mich.) United Ry.— C ontract A p p r o v e d .— 'Tho
O ..9 0 .!1.0 53,000,000 stock, M ontreal Tram ways & Power C o. (V . 100. p.
Board of Street Ry. Commissioners on Monday approvod 812.
734) owns about 5 3 % .— V . 99, p. 404, 1528.
tlio contract for tho purchase of tho linos within tho one-faro
& Marion Ry. (N. Y .).— Sale Postponed.—
zono under which tho city may obtain control of tho system . Newark
o f tho road, advertised for July 20, has again been postponed,
at a price to bo fixed by tho Circuit Judges of Wayno County; this timsa4o
e till A ug. 26. T ho lino runs from Newark to M arion, N . Y ., 10
m iles, and is temporarily operated by steam. Earnings for year ended
also tho necessary charter amendment.
Denver & Rio Grande RR.—Suit o n

N o te s f o r A d v a n ces

T ho statement o f tho B oard's approval, togother with tho contract,
which must bo subm itted to a vote o f the pooplo, and the proposed charter
amendment were m ado public on W ednesday. The contract will bo sub­
m itted to tho directors at a meeting on A ug. 2.— V . 101, p . 212, 130.

Evansville & Terre Haute RR.— E q u ip .

T ru st P la n .—

Sec Chicago & Eastern Illinois R y . abovo.— V . 101, p . 288, 47.

Federal Light & Traction Co.— V oting

T ru st E n d s .—

. . Th0rvoting trust agreement dated July 29 1910 having expired by limltation July 2.) 191.), tho N ational C ity Bank, 55 W ail St., as depositary,
will, upon surrender o f any stock trust certificates and upon paym ent o f
four cents per share for transfer taxes, make delivery o f proper certificates
ror the com m on stock o f tho com pany. Tho voting trustees were James C .
Colgate, Harrison Williams and II. H obart Porter.— V . 100, p . 555, 140.

Hocking Valley Ry.—A p p l i c a t i o n .—Tho company and
tho Chesapeake & Ohio Ry. liavo applied to Judgo Warring­
ton in tho Federal Court at Cincinnati for confirmation of a
contract about to bo entered into by tho railway companies
with E. M. Poston for tho salo of 2,500 shares of stock of tho
Buckeyo Coal & Ry. and 2,006 shares of tho Ohio Land &
Ry., which tho railways wero ordered to sell in tho decree
ordering tho separation of the roads and tho coal companies
involved in the litigation.
T he tw o railway companies state that tho contract o f salo also provides
for tho exchange o f $1,327,000 20-ycar purchase-money b on d sof tho Ohio
Land & R y . bearing! 6 % interest for $700,000 income m tgo. bonds o f a
corporation to bo organized and known as tho H ocking Coal Lands Co
T h o stocks o f tho Ohio and B uckeyo com panies, except directors’ shares
and tho bonds o f tho Ohio com pany, aro, it is stated, subject to tho lien o f
tho first con sol, m tgo. o f tho Hocking Valley R y . and tho Buckeye com nanv
to the Central 'tru st C o. o f N . Y ., as trustee, dated M arch 1 1899 and
these stocks aro now hold b y tho Central Trust C o. Tho orico to he’ m id
b y Air. Poston, it is set out, is $50,000 in cash.
1
I f tho court should confirm tho salo o f tho stock and tho oxchango o f tho
bonds, it will mean practically tho dismissal o f the suit brought b y John J
Jones, a coal operator o f Chicago and Granvillo, rocent purchasor o f tho
Sunday Creek C oal C o. stock from tho railway com panies, to com pel tho
tw o railroad companies to turn over to him tho stock o f tho Ohio and
B uckeyo companies.
T he com pany on July 28 filed tho new rate schedulo with the Ohio U tili­
ties Commission em bracing tho reductions ordered by tho commission and
sustained b y tho Supremo C ourt, including coal rates botween tho Hocking
district and T oled o. Under tho new schedulo, Ohio operators will have to
pay 85 cents por ton from Armitago to T oledo instead o f tho old rate o f $1
per ton. Tho present inter-State rates from tho West Virginia coal fields
to T oled o is $1 25 per ton witli corresponding rates for intermediate points
It is pointed out that Ohio operators will therefore havo a differential o f
40 cts. per ton in the rates to T oledo in their favor over the W Va operators
Even the new rate does not meet tho demand o f tho miners, who contend
that it should bo less, and tho Commission will have to decido whether tho
new rates are just or further reduction should bo m ado.— V . 100,p .2 0 85 ,1832.

Idaho Traction Co.— I n c r e a s e s

A llo w e d . —

T ho P. U . Commission has allowed increases in tho interurban fares boyon d Randall on tho southern division and Collister on tho northern divi­
sion, but has refused to permit an incrcaso in tho fares on tho Hill Crest
loop and Collister and Colo school lines in com m utation tickets and in tho
1 cent a milo charged on school children’s tickets.— V . 100, p. 1437.

Illinois Terminal RR.— D e c is io n . —

Jan. 30 1913: Gross, $21,670: deficit after oper. exp. and taxes, $22. Stock
outstanding $100,000: par $100. Bonds, $250,000 1st M . 5 % 40-yoar
gold. H arold C . B e a tty , receiver.

New Jersey & Pennsylvania RR.— Re-Sale Ordered.—

Vico-Chancellor H owell, at Newark, N . J ., on July 27, on application o f
tho purchasor (a sanitarium p atient), at receiver’s salo on Julv 7 last re­
lieved him o f tho necessity o f carrying out his purchaso. T he Court,
how over, ordered that tho $500 earnest m oney paid be held by the receiver
and that it will bo applied as far as it will go to m ako good any difference
rt’sinUng from a re-salo at a lower price. T he purchaser agreed to pay
$27,000 and meet Stato taxes amounting to about $15,000, besides $200,000
bonded debt and general claims amounting, it is stated, to about $80,000.

— V . 1UU» p . oiiOt

New York Central RR.— P ro p o sed

G u a ra n ty :—-

Seo N ow Y ork N ew Haven & H artford R R . below .— V. 101, p . 288.

New York New Haven & Hartford RR — Preliminary
Statement for Year ended June 30 1915.—At the regular meet­
ing of the board held on July 27, Chairman Howard Elliott
presiding, tho preliminary roturns of tho company and somo
ot tho associated properties for tho fiscal year which ended
Juno 30 1915 wero mado known, showing an availablo balanco of about $2,418,000, being an amount “sufficient to
mako up tho deficiencies in mooting tho fixod charges of tho
Now York & Stamford Ry. Co., tho Wostchostor Streot RR.
Co. and.tho Borkshiro Streot Ry. System, tho threo trolloy
properties still managed by tho company and tho Now York
Wostchostor & Boston.” Tho official statomont continuos:
alK)ut°$ie7f5CoVoClOW al1 flXed chargcs for tho thrce trolley properties will bo
I lie interest on the bonds o f tho N ow Y ork W estchester & Boston R y . C o.
£ included in the fixed charges o f tho N ew Y ork N ow Haven & Hartford
P f t - C o . N o t counting interest the N ow Y ork W estchester & Boston
„a,M
° car.n lts expenses, rentals and taxes b y approxim ately $115,000
which is an im provem ent o f about $85,000 over last year.
30 1915,
*3 • Y ’ N : J f •& H artford R R . C o ., bal. abovo ail fixed charges___$2,270,000
Central New E ng. R y ., bal. abovo all fixed charges
divs. p a id .
400 000
N ow Eng. Steamship C o ., bal. abovo all fixed ch a rg e s..
__ _
’
25.000
N ow Uedford M a rth a ’s Vineyard & N antucket Steam boat Co.".
balance abovo all fixed charges and dividends paid _
_
22.000
H artford & N . Y . Transportation C o ., balauco a bove all fixed
charges and dividends p a id .
14,000

Results for Tear ending .June

Subject to Inconsiderable Corrections.
&

New Eng. Transportation Co.,"shoGa"go"in meotingYixai chg's"."_def.3 1 3 ! ( ) 0 0

Balance over all requirements for above-nam ed com panies____$2,418,000
I ho N ow England N avigation C o . shows a shortage in m eeting Its fixed
charges and this was duo to tho small dividend declared by tho Connecticut
C om p a n y, tho stock o f which is held by tho Federal trustees, who deckled
a dividond o f $400,000 out o f about $1,300,000 divisible incom e.
1Ia£o™ °A rAlst?es o f the C onnecticut C om pany declared a dividond o f 2 % ,
or $800,000, tho N avigation C om pany would havo had a balanco abovo all
requirements. A s tho N ow Y ork N ew Haven & H artford R R . C o. is tho
only stockholder o f tho N avigation C om pany, tho directors o f tho N . Y .
N . II. & H . on July 20 1915 passed a resolution to advance any funds needed
to meet the interest on tho $20,000,000 gold notes o f tho N ow England
N avigation C o.

Tho year ended on Juno 30 rather bettor than at first esti­
mated. Tho gross earnings decreased $2,073,000 and tho
operating exponses decroasod $5,106,000—tho ratio of oxponsos to earnings for tho year being about 68%, compared
with 72.83% for tho fiscal year ondod Juno 30 1914.
International & Great Northern RR.— T ax S u it .—•
G u a ra n ty. —Conn. RR. Commission will on Aug. 3 hold a
Judgo Burns in tho Federal Court on July 20 dismissed tho suit brought hearing on tho company’s petition for approval of agreement
b y the receivers against tho Stato Tax Board to havo reduced tho tax levied
on intangiblo property. Tho Court stated that tho rights o f tho com nanv with tho Now York Contral RR. Co. and tho Now Yrok
under tho Federal Constitution had not boon violated and that nothing had Realty & Terminal Co., involving a promiso to guarantee
been introduced in ovidenco to indicate discrimination or fraud. Under tho
ruling no h ederal questions are involved in tho controversy between tho road or indomnify said Realty & Terminal Co. against loss in tho
and tho Stato Tax Board. T ho Court declined to rulo on tho question issuo of a bond and mortgago by said Realty Company on
as to whether tho assessment for this year, $10,743,223, was oxcessivo this
being, he stated, a question for the Stato courts to decido.— V. 100, p . 2009. certain real estate or terminal property located in N. Y. City.
(Comparo N. Y. real estato outlays, V. 99, p. 1219.)—V 101"
Kansas City Railway & Light Co.— P la n . —A pross re­ p.
288, 213.
}
’
port yesterday said:
Announcem ent was m ado in tho U. S. C ourt before Judgo H ook toNew York Railways.— M o d ific a tio n D e n ie d . —Tho P. S.
” ay ■ o f tho com pletion o f tho reorganization plan o f the Kansas C ity R y . Commission on July 27 donied tho application for a modifica­
i . lg .. Y ° ; Ifc Provides for tho segregation o f the present properties, ono
into a lighting corporation and ttic othor into a railway com pany, each to tion of its order of Deo. 10 1912 directing tho company to sot
lssuo 1st M . 5 % bonds maturing in 1944. Old funded securities will bo aside for depreciation an amount equal to 20% of its gross
accepted at par in tho reorganization. [Tho C ity C ouncil o f Kansas C itv
recently granted an extension to N ov . 7, four m onths, as tho time within operating revenue.
T ho Illinois State P . U. Commission on July 15 handed down a decision
on th,° com plaint o f tho A lton Board o f Trade, holding that tho Term inal
B l i . is a com m on carrier under the Stato Public Utilities A ct and ordering
that its increased rates bo annulled. T ho B oard brought tho proceedings
jn M arch 1914, when tho Terminal C o. increased its rates, declaring that
tho Eastern 5 % increase m ado this necessary. Tho now rates wero sus­
pended b y tho Commission ponding tho hearing o f tho case.— V . 98, p . 690.

which tho Kansas C ity Railways must accopt tho franchise voted by tho
cicy.j— V . IUL, p . 288.

Lake Erie Bowling Green & Napoleon Ry., Ohio.— Sale

Judge KHlits o f tho Federal District Court at T oled o on Juno 25 ordered
tho salo o f tho property on application o f tho Union Trust C o. o f Detroit
tho m ortgage trustee. Seo page 14, "E lectric R y . Section.” — V . 99, p. 3 4 6 ’

Los Angeles Railway Corporation.—E a r n in g s .

Year~~

Grow Earns.
1 9 1 4 -1 5 ..................$6,353,600
1913-14
------ 6,990,796

Wet
(aft. Tax.)
$1,766,200
2,149,355

gated $453?0 00 on°Mar! 3 ° 191 5 .°M




Bond Int.

‘ $1,002,500
*1,002,500

Bal.Surpl.

$763,700
1.146.855

‘n th° Slnking fund> whlch aggr°-

Commissioner W ood says that tho application statos that tho com pany
in conform ity with tho order, has sot aside 20% o f its gross operating
revenuo from Jan. 1 1912 to Oct. 31 1014, amounting to $7,868,007, having
spent for maintenance $6,244,140, leaving a balanco in tho roservo o f
i,’623,867. This tho com pany holds, is m oro than sufficient to provldo for
all doprociation on Its properties during tho poriod mentioned. I f tho
order had required tho setting asldo o f 20% o f tho gross passenger rovonuo
Instead o f the gross operating rovonuo, thero would havo boon accumulated
$1,348,867, which, tho com pany statos, will bo amplo for all doprociation
accruing during tho poriod. T ho m odification asked for was that tho
order bo changed so that it should provido tiiat 20% o f tho gross passenger
r
e
i nstead o f 20% o f tho gross operating rovonuo.

Lho Commissioner says that tho quostion of tho amount necessary was
considered in tho Commission’s decision in tho so-called “ stoploss car

J uly 31 1915.]

371

THE CHRONICLE

caso,” and concludes as follow s: “ Inasmuch as a writ o f certiorari has boon
allowed to review tho determinations of the Commission in that case, and a
writ o f certiorari has also been allowed to review the order in tho prosont
caso, it doos not soom to me that, pending the decision upon these important
questions tho Commission should at tho present time undertake to m od iiy
tlio requirements o f tho ordor o f D ec. 10 1912 as prayed for in tho prosont
p etition .” — V . 100, p . 2168.

Northern Central Ry.— Equity

M ay

be Covered :

See Pennsylvania R R . below .— V . 101, p- 288.

Oregon & California RR.— Modification

■

Asked.

T he com pany has given notlco that it will apply to the TJ. S. Supremo
C ourt when it reconvenes in Oct. next for; a.m odi f i c t i o n o f its recent de­
cision in tho Governm ent suit, under which it will bo permitted to cut and
sell tho tim ber on the unsold portion o f the grant before disposing o f tho
land and retain tho proceeds. Compare V . 101. p . 48.

T ho question o f jurisdiction, involving an authoritative determination
as to whether the Legislature o f 1907 gave the Commission all power over
rates irrespective o f the acts o f the Legislature in setting maximums, m ay,
it is stated, now therefore bo presented to the courts: also, further, that it
is not unlikely that in tlio meantime either the Constitutional Convention
now in session or the Legislature m ay define tho powers o f the Commission
anew so as to rem ove all future doubt o f their scope.— V . 101, P*

United Railroads of Yucatan.— Coupon

loJ.

Payment .—

Ladcnburg, Tlialm ann & C o ., 25 Broad S t., N . Y .. announced on Tues­
day that they would on and after July 28 pay the April 1 coupon o f the 5 %
1st M . gold bonds w ith interest thereon at 5 % from April 1 to July 28.
— V . 91, P. 718.

Wabash RR.—

Plan Operative— 3 0 % Assessm ent Payable
30.— T h o jo in t re o rg a n iz a tio n c o m m itte e , W in s lo w
S . P ie rc e , C h a irm a n , has d e c la re d o p e ra tiv e tlio p la n o r re ­
Paducah & Illinois RR.—Increase o f Stock.—Tho com­ o rg a n iz a tio n d a to d A p r i l 28 1915 a n d n o t ifie t h o ld e rs o f
pany on July 22 filed, amended articles of incorporation in­ c e rtific a te s o f d e p o s it o f C o lu m b ia T r u s t C o . (o r its p re d e ­
ce s s o r), re p re s e n tin g s to c k , e ith e r c o m m o n o r p re fe rre d ,
creasing tho preferred stock from SO,000,000 to $7,000,000.
The preferred stock under tho amended certificate is to bo entitled to t h a t t h e y m u s t m a k o th o p a y m e n t re q u ire d o f tlio m u n d e r
receive semi-annual dividends at the rato o f 5 % per annum.
.
Regular service on tho lino from Paducah to tho sito o f tho now bridge to th o p la n , n a m e ly , 3 0 % o f th o p a r v a lu e o f sa id s to c k , o r
bo built opposite M etropolis, 111., will bo begun Sept. 1. A trial trip was $30 p o r s h a re , a t th o o ffic e o f th o E q u it a b le T r u s t C o . o f
made on July 23.— V . 100, p. 2086.
N . Y . , o n o r b e fo ro A u g . 30 1915.
Pennsylvania RR.— Authorized.— T h o M a r y la n d P . S.
So soon as practicable after A ug. 30, notice will be given to holders o f
o f deposit representing First R efunding and Extensions M ort­
C o m m is s io n has a u th o riz e d th o c o m p a n y to a m o n d its o rig in a l certificates
gage bonds o f tho am ount o f tho paym ent required o f them ,as provided in
re q u e s t f o r a b la n k e t m o rtg a g o to c o v e r a ll tlio lin es o i th o tho plan and agreement o f reorganization, and o f tho date b y which such
s y s te m so as to in c lu d o sp e cial p ro v is io n t h a t th o c o m p a n y paym ent, or tho first installment thereof, shall bo m ado. Sco plan, & c .t
m a y in c lu d o in th o m o rtg a g o th o e q u itie s i t h o ld s m th o V . 100, p. 1594, 1599, 1834, 2012, 2168T h o tim o w it h in w h ic h f u r t h e r d e p o sits o f b o th s to c k a n d
N o r t lio r n C e n t ra l.— V . 101, p . 213.
b o n d s m a y bo m a d o u n d e r th o p la n has be e n f u r t h e r o xto n d e d
Pittsburgh Youngstown & Ashtabula Ry — Bonds.—
Seo f u r t h e r p a rtic u la rs in
Tlio Ohio Utilities Commission has authorized tho com pany to sell 8304,­ to a n d in c lu d in g A u g . 30 1915.
a d v . o n a n o th e r p a g e .— V . 101, p . 132, 289.
_
000 4 % bonds. Sco V . 100, p. 2086.
Public Service Corporation of Now Jersey.— M onthly
Washington Ry. & Electric Co.— Ap pea l to Courts.—
T
he
com
pany
on
July
20
appealed
to
the
D
istrict
Supremo
C
ourt
to
co
m
.
Statements.— T h o d ire c to rs r e c e n tly v o te d to m a k o m o n t h ly
tho Commission to authorize a bond issue o f $341,000. It is alleged thau
fin a n c ia l ro p o rts fo r th o in fo rm a tio n o f th o g e n e ra l p u b lic . pci
tho Commission refuses to permit a bond issue m ade necessary to cover cer"
I t has boon th o c u s to m o f th o c o m p a n y to m a k e su c h s ta te ­ tain im provem ents ordered b y the Com m ission.— V . 100, p . 1350, 1241.
m e n ts o n ly onco a y e a r, p re c e d in g th o s to c k h o ld e rs ’ a n n u a l
West End Street Ry., Boston.— N otes .—
for $4,743,000 4 % bonds due A ug. 1, the com pany has sold
m e e tin g . I n th o fir s t s ta te m e n t issu ed in a cco rd a n ce w it h to TFo. provide
S. M oseley & C o. $4,743,000 1, 2 and 3-ycar 5 % notes, duo $1,581,­
th o n o w p o lic y th o fir s t s ix m o n th s o f th o y e a r a ro c o ve re d .
000 at each m aturity.— V . 100, p. 1919, 1169.
E v o n w it h th o u n s e ttle d c o n d itio n s o f th o p a st s ix m o n th s
West Virginia & Southern RR.— Sale o f Stock.—
th o c o rp o ra tio n s h o w s a g a in in g ro ss e a rn in g s o v e r th o fir s t
See M arm et Coal C o. under “ Industrials” below.
h a lf o f 1914 a m o u n tin g to .<5631,835 01, o r a p e rc e n ta g e o f
Western Maryland RR.— Earnings — Status.— T h o N o w
in crca so o f 3 .6 % . T h o ba la n co a v a ila b le — A f t e r th o p a y ­ Y o r k “ T im e s ” o n J u l y 30 said :
m e n t o f o p e ra tin g oxponsos, fix e d ch a rg e s, s in k in g fu n d re ­
Directors o f tho "Western M aryland, when asked recently about tho finan­
condition o f the road, said tho report o f earnings for the full year would
q u ire m e n ts , &c.— f o r a m o rtiz a tio n , d iv id e n d s a n d s u rp lu s , cial
show that tho Western M aryland was able to take caro o f itself.
I ho re­
a m o u n to d to $1,597,442, w h ic h m o a n s t h a t th o in cro aso in port for Juno and for tho 12 m onths, issued yesterday, bears out the
opti­
s u rp lu s a v a ila b le f o r d iv id e n d s o v o r th o c o rre s p o n d in g mistic assertions. Juno was another good m onth, showing increases in net
operating incom e o f $311,850- T he report for the 12 m onths shows total
p o rio d o f 1914 w a s $149,596.— V . 100, p . 2168.
net operating incom o o f $2,120,046, an increase over 1914 o f $1,964,145.

Rapid Transit in New York City.— Contracts.
T ho Public Service Commission on July 28 awarded:
(1) T o Post & M cC ord , Inc., tho lowest o f 12 bidders, for 8877,0.>9, the
contract for tlio construction o f Section 1 o f R oute 49, a 3-track elevated
railroad, connecting with tho 4th Avenue subway, Brooklyn, extending
along tho old Culver routo from 37th St. to a point about 525 ft. south o f
tho intersection o f Gravesend A vo. and B ay Parkway, or 22d A vo. ex­
tended. The lino will bo operated b y tho Brooklyn Rapid 1 nmsit System.
(2) T o Rodgers & H agcrty, Inc,, the lowest bidder, for S2,170,0o2, tho
contract for Section 3 o f R outo 12, the 4-track subway in Eastern Parkw ay
between Nostrand A vo. and Buffalo A vo., B rooklyn, being an extension or
tho existing subway, to bo operated by tho Interborough Rapid transit C o.
(3) T o H olbrook, C abot & Rollins C orp ., tho lowest bidders, for 83,740,­
913, tho contract for tho 4-track subway in Broadway and 7th Avenuo botween 38tli and 51st Sts., M anhattan, to bo operated b y tho B rooklyn
R apid Transit System.
.
,
.
The Commission also adopted a tunnel routo to supersede tho plan to uso
tho Quecnsboro Bridgo as a connection between tho Broadway subway in
M anhattan and tho now raipd transit lines in Queens Borough. Tlio
Board o f Estimate and Apportionm ent on July 21 adopted resolutions
recommending such a course. Tho new route will be known as N o. 61.
T ho new plan provides for tho construction o f a 2-track subway from l'itth
A vo. under 60th St. to tho East River, and under tho East River to a con­
nection with tho now elevated rapid_transit lines on tho Queens 1 iaza o f tho
Quecnsboro B ridgo.— V . 101, p . 213.
t

'

Rock Island Company.— Receivership.— T h is c o m p a n y ,
o rg a n ize d to h o ld tlio sha res o f th o C h ic a g o R o c k Is la n d &
P a c ific Railroad, w h ic h w o ro ro n d e re d w o rth le s s b y th o salo
u n d e r fo ro c lo s u ro o f th o la t to r c o m p a n y ’s h o ld in g s m th e
s to c k o f th o C h ic a g o R o c k Is la n d & P a c ific Railway (th o
o p e ra tin g c o m p a n y ), w a s o n J u l y 29 p la c e d in th o h a n d s o i
C h a u n c o y G . P a rk e r as re c o ivo r b y V ic e -C h a n c e llo r E m o r y
a t N e w a r k , N . J . , o n a p p lic a tio n b y P re s id e n t J o h n J .
Q u in la n , o n th e g ro u n d o f in s o lv e n c y .
_ . ._ . _

Railroad

A deficiency judgm ent for $68,239,258 in favor o f tho Central T rust C o.
was entered in January last against tho
com pany. M r. Quinlan
alleges that tho R ock Island Com pany has had its Income cut off. Its assets
m ado o f questionable value and its resources takon away. Sco V. 100, p.
310.

Rock Island Southern Ry.— D efa u lt—

Reorganization.-—

T h i s c o m p a n y w a s u n a b lo to m e o t th o in to ro s t du o J u l y 1
o n its $2,282,000 1st M . 5s o f 1908, a n d also needs m o n e y f o r
ro p a irs a n d a d d itio n s . R e o rg a n iz a tio n is p ro p o s e d . V ic e P re s id o n t M . A . W a ls h s a ys:
ei nnn ,
Bondholders b y the proposed plan would receive for each $1,000 bond a
new 1st M . bond for $400. first p ref. stock for $600 and 8100 o f bonus com ­
mon stock. This com m on stock is given from that held b y the present
stockholders. Tiiero will bo many added improvements to the property,
especially to tho terminals at R ock Island. Thero will bo added some elec­
tric locom otives to tako the place o f tho present steam locom otives, thus
Increasing freight facilities and tho general scrvico.
,
,
„
[Henry C . M orand. Singer B ldg., N . Y .. lias boon named as Secrotary o f
the proposed reorganization com m ittee. Tho July interest on the $521,000
1st M . 5s o f tho R ock Island Southern
we are inform ed, was paid
at m aturity. Sco also p. 65 o f ‘ ‘Electric Railway Section. 1— V . 97, p. 951.

a

Railroad,

Twin City Rapid Transit Co., Minneapolis.— Jitneys.
T ho C ity Council recently passed an ordinance which tho M a yor was ex-,
pectcd to sign, regulating jitney busses in Minneapolis.
1 ho ordinance p ro­
vides for a license fco o f $15 a year for each car, indemnity bonds to a maxi­
mum o f $10,000, regular routes and schedules, with a limit o f 2 passengers
above seating capacity, inspection o f cars and other regulations. T ho ordi­
nance, which will take effect A ug. 1, is expected to reduce considerably the
jltnoy com petition, which has affected earnings. T ho jitney owners will.
It is said endeavor to secure an injunction preventing tho enforcement o f
tho ordinance until Its validity has been finally determ ined.— V . 101, p. 132

Ulster & Delaware RR.—Rehearing

Denied.—

T h e P. S. Commission on July 16 denied tho application for a rehearing
from its decision o f July 7 denying tho com pany permission to raise its
mileage rate from tho 2-cent maximum set b y tho Legislature to 3 cents.
Tho Commission says: “ W hile tho Commission is o f tho opinion that
tho rato complained o f is Insufficient to yield reasonable com pensation for
tho service rendered, yet tho Commission, as set forth in its order o f July 6
1915, s o f tho opinion that it has no jurisdiction to grant tho increase.”




Aug.

Thero will bo no disposition to crowd tho management for paym ent on
$16,000,000 notes which aro overdue, as long as the Western M aryland con­
tinues to m ako strides ahead.

Proposed

Branch

Line

Chartered

in

W est

Virginia.—

T he Fairmont & Helens Run Railway C o. has been incorporated with
$500,000 autli. capital stock to build in the interest o f the Western Maryland
a 0-milo road connecting tho two mines which tho Consolidation Coal C o.
Is opening up in Helens Run field o f West Virginia with Western M aryland
R y . and Baltimore & O hio.— V . 101. p . 132.

Western Pacific Ry.— Suit.— T h o N o w Y o r k T r u s t C o .,
as tru s to o u n d e r th e a d ju s tm e n t in co m o M . o f th o D e n v e r
& R io G ra n d o , o n J u l y 24 b ro u g h t tw o s u its a g a in s t th o co m ­
p a n y , ono to re c o v e r o n s e ve ra l n o te s a g g re g a tin g $14,096,­
095 g iv e n to th o D . & R . G . f o r a d va n c e s m a in ly to m e e t
in t . ch a rg e s, a n d th o o th e r f o r $4,375,000 f o r s im ila r a d va n c e s
Tlio step, it is stated, is taken merely to reduce to judgm ent the collateral
for the securities involved in the proceedings in order to prevent it from be­
com ing outlawed.— V . 101, p . 215.

Winnipeg Electric Ry. Co.—

4 lA %

Stock.—

T he com pany has applied to tho London Stock Exchange for authority
to list £400,000
perpetual consol, deb. stock, making total listed
£900,000.— V . 100, p . 1745.

INDUSTRIAL, GAS AND MISCELLANEOUS.
Adams Express Co.— Domestic Revenue— Increase in Rates.
See “ Express Com panies" under “ Reports” a bove.— V . 101, p . 289.

Amalgamated Copper Co.—

Final Cash Payment.—

Owing to tho better market for metals and other assets sold than had been
expected, stockholders will receive in tho final distribution o f tho assets
in liquidation $3 77 per share (par S100) Instead o f $3 as previously stated.
Com pare V . 100, p . 2012, 1745, 1594.
,
.
T ho distribution is in addition to tho quarterly dividend o f $1 a share
payablo to stockholders o f record A ug. 30. T ho stock was stricken from
tho list o f tho Now York Stock Exchange yesterday.— V . 100, p. 2012, 1745.

American Bank Note Co., N. Y.—

Common D iv. Resumed.

A dividend o f 1% has been declared on tho $4,495,710 com m on stock,
payablo A ug. 16 to holders o f record A ug. 2. This is tho first paym ent since
A ug. 1914, when a quarterly distribution o f 1% was m ado.

Previous Dividend Record (Per Cent).

C om m on ___%
Preferred . . %

G 1A .

1906. 1907. 1908. 1909. 1910. 1911. 1912. 1913. ,1 9 1 4 .
2
4
4
4
4
4
5
1 .1 * 0
In full to July 1915
Q .-J .).— V . 100, p. 898.

(1X%

M

American Coal Products Co., N. Y.— Official

Statement
— Proposed Extra Dividends on Common Stock— Earnings for
Six Months.'— P r e 3 . W illia m H a m lin C h ild s in c irc u la r d a te d

a t N . Y . , J u l y 29, s a ys in su b sta n c e :
Tlio causo o f tho rapid advance in the quoted value o f this stock in tho last
60 days has been fundamentally duo to tho prosperity o f the com pany, but
tho management has not in any way aided this m ovem ent.
Inasmuch as since 1903, tho date o f tho form ation o f tho American Coal
Products C o ., the enlargement o f its plants has been made largely from
earnings, and as only from 50 to 60% o f tho earnings have been declared
to tho stockholders, the directors have felt that the timo has arrived when
tlio stockholders aro entitled to a larger percentage o f tho earnings applica­
ble to the com m on stock, and that with tho continuance o f tho 7 % dividend,
an extra dividend, probably in com m on stock, should bo made when war­
ranted b y tlio earnings at tho end o f each year, besides carrying every year
a substantial amount to surplus in addition.
, ,
. .. .
It has been our custom to maintain all our important plants at their
maximum efficiency, charging o ff all items for maintenance to expense
account. In addition to doing this and paying tho pref. dividend, the net
profit applicable to dividends on com m on stock [now [$10,760,200] reserves
and surplus has been as follows: For the year 1913, $1,660,812, and for
the year 1914, $1,325,475. T he com pany has been paying dividends regu­
larly at tho rato o f 7 % for a number or years, and has carried several million
dollars from its earnings to its capital. (V . 100, p. 1589.)
T ho earnings o f tho com pany for the first six months o f 1914, applicable
to dividends on tho com m on stock and^to reserve after deducting tho pref.

372

$545,078 and arc for 1915 $952,479, or an increase o f
S54U7.401. Wo believe there will bo m oro than a proportionate increase
during tho last six m onths o f this year.
., I*1’8, increase has com e, to a considerable extent, from exceptional ac­
tivity in our chemical departm ent, but tho steady increase o f our sales o f
tarvia and tho rapid developm ent o f tho department m anufacturing con goleum rugs, have been im portant factors. Our new agency contracts
ror the salo o f benzol and toluol will give in the six m onths beginning July 1
o f Ohs year a new source o f incom e.
Tlxo American Coal Products C o. owns one-third interest in tho Benzol
1 roducts C o ., the other two-thirds being owned respectively b y the General
Gnomical C o. and the Semet-Solvay C o. This com pany has just finished
a largo, m odern plant at M arcus H ook, P a ., for tho m anufacture o f analino
on and salt, wlucli aro used in tho dom estic d yestuff industry and which have
previously been imported into this country. T he incom e from this invest­
m ent has not as yet shown in tho statement o f tho American Coal Products
C o ., and will not until it is in receipt o f dividends upon the stock. C om ­
pare V . 100. p. 2012, 1595. 1589.

American Express Co.— Domestic Revenue—

In cr. in Rates.

American Graphophone Co.— Injunction

Vacated .—

See “ Express Companies” under “ R eports” above.— V . 101, p. 289.
Judgo Anderson in tho U . S. District Court on July 17 vacated tho in­
junction obtained b y tho com pany, which manufactures tho dictaphone
restraining tho im portation and sale o f a German machine called the p a r a ­
graph. T he im ported m achine is m ade b y the Carl Lindstrom C o. o f Berlin
which for m any years sold talking machines In Europo and opened an offico
in this city under tho namo o f the American Parlograph C o. The plaintiff
claimed that tho defendants infringed a patent obtained by Thom as II M a c­
donald ot B ridgeport, C onn., o f which it was an exact imitatio'rt, but tho
defendants replied that M r. Edison and m any others had used tho M a c­
donald idea boforo ho patented it.— V . 100, p. 175.3

American Hide & Leather Co.— Earnings.—

Mos. ending
*Net
Bond
on
June 30
Earnings.
Interest. Sinking
Fund. S.Int.
F. Bds.
191 5 .............
$271,373
$72,285
$37,448
$55,590
1914 ....................
150,979
77,565
37,500
50,310
12 Months—

Sur.
orBal.,
Deficit.

3

1 9 1 4 -1 5 .............. $1,019,609
766,015
1913-14 ..............

[Vol. 101.

THE CHRONICLE

$295,810
310,260

3149,948
150,000

$215,690
201,240

sur.$106,050
def.14,396
sur.$958,161
su r.104,515

♦After charging replacements, roncwals and Interest on loans. N ot
current assets Juno 30 1915, $10,147,459.
Pres. Thcodoro S. Haight and Treas. George A . Hill say tho statement for
tho 3 and 12 months ending Juno 30 1915 has boon prepared on tho same
accounting basis as tho annual statement o f June 30 1914, and the finished
leather has been taken at tho same prices which are $238,000 below a con­
servative market valuation. On account o f the present prevailing business
oonchtlons, the directors advise this conservative departure from the usual
m ethod o f valuation.— V . 100. p . 1439.

American Malt Corporation.— Special M eeting Sept. 22
— Attempt to Oust Present M anagem ent. — A sp e cia l s to c k ­
h o ld e rs ’ m e e tin g w ill b e h e ld S o p t. 22 1915 a t th e re q u e s t o f a
g ro u p o f s to c k h o ld e rs re p re s e n tin g som o 2 5 % o f th o s to c k
a n d h ea d e d b y Ja m e s B . T a y l o r , o f th o la to f ir m o f W m . B .
F r a n k lin & C o ., f o r th o p u rp o se o f a tte m p tin g “ a ra d ic a l
ch a n g o in th o m a n a g e m e n t.” C h a irm a n W ilb o rfo rc o S u lly
b y c irc u la r s a y s in sub sta nco:
T ho directors deem it their duty in tho interest o f tho stockholders to
resist to tho utm ost this attem pt to obtain control o f tho com pany in tho
interest o f a m inority o f tho stock. T hey feel that such a chango in tho
management would bo detrimental to tho com pany. A proxy com m ittee
has been designated b y the directors, consisting o f M ichael Ooleman, Albert
N . Parlin and Gcorgo Emlcn Roosovelt, to solicit tho proxies o f such stock­
holders as cannot be present at tho meeting. Tho officers o f tho com pany
or tho members o f this com m ittee will furnish any information desired couccrning tho affairs o f tho com pany and tho conduct o f its business.
T ho circular dated July 21 1915, issued b y Messrs. T avlor, Leonard and
Landalo. refers to an agreement entered into in 1914 between tho directors
and certain “ dissatisfied stockholders.” These aro tho facts: Early in

& Son, auctioneers, at N os. 14 and 16 Vesoy St., N ew Y ork , the following
shares o f stock held by it as trusteo under said deed o f trust (V . 93 p 5 3 0 ­
V. 99, p. 610):
’
Birmingham (Ala.) W ater W orks C o. (V . 95, p. 1544; V. 101,
„ P- 215), capital stock ----------------------------------------- _
X$1 5 0 0 000
C ity W ater C o. o f East St. L ou is& G ran ite C ity (V . 99, p. 1751, "
’
1834), capital stock _________________________
_
» i 000 000
South Pittsburgh W ater C o. (V . 95, p. 1547), com m on s to c k ” ! ' 1 [SOOOOO
Portsm outh B erkley & Suffolk AY'atcr C o. (V . 95, p. 1516),
capital stock ______________________________________________
x500,000
W est Penn Traction C o ., com m on stock ___________________
_ 3 000 000
Twin Falls Oakloy Land & W ater C o. (V . 98, p. 917) , capital stk.
’ 127 .500
1 win Falls Salmon R iver Land & W ater C o. (V . 98, p. 917),
capital stock ---------------------------------------------------------------------------255,000
Great Shoshono
T w in Falls W ater Power C o. (V . 100 p.
1081). capital stock --------------------------------------------------------------------765,000
Racine (W is.) W ater C o . (V . 9o, p. 1546; V . 97, p. 1508), capi­
tal stock _____________________________________________________
400,000
Arkansaw W ater C o. (V . 98, p. 764, 525), capital stock
xoOOJJOO
Huntington (W . V a.) W ater C o. (V . 98, p. 5 27 ), capital stock . .
95,000
x This is tho entire outstanding issue.
T he Am erican W ater W orks & Electric C o. having acquired under plan
In
99. p. 610, m ost o f tho California Idaho bonds, will presumably bid
in tho aforesaid stock.— V . 98, p . 1247.

&

V.

Arkansaw (Little Rock) Water Co.— Securities.—

Seo American W ater W orks & Guarantee C o. above.— V . 98, p. 764.

Birmingham (Ala.) Water Works Co.— Stock.—
See Am erican W ater W orks & Guarantoo C o. a bove.— V. 101, p. 215.

Boise (Ida.) Artesian Hot & Cold Water Co.— Bonds.—
T ho com pany recently offered at par and int. 3176,000 10-year 6% 1st M .
gold bonds, denom . $500 and 31,000, part o f an authorized issue o f $350,000,
dated A pril 1 1915. Int. A . & O. Thcso bonds are issued to pay tho com ­
pany’s debt o f $176,000. T he remaining $174,000 bonds will only bo sold
from tim e to time as tho funds are needed for permanent improvements and
extensions. T ho com pany has had throe previous bond issues, all o f which
were prom ptly paid o ff. Tho last issue o f $100,000 was paid in 1906.—
V . 97, p. 416.

Boise-Payette River Electric Power Co.— Defaidt—
Notice to Bondholders.—

F re d e ric B u rn lia m , 111 W o s t M o n ­
ro e S t., C h ic a g o , in a n a d v . o n a n o th e r pa go, sta tos t h a t a
d e fa u lt has o c c u rre d in th o c o n d itio n s o f th o t ru s t deed Se­
c u rin g th e [$488,000] 1st M . 6s o f 1921, w h ic h seem s to
e lim in a te th o s in k in g fu n d fo r th o re d e m p tio n o f th o b o n d s ,
a n d h o th e re fo re u rg o s th o h o ld e rs to c o m m u n ic a te w it h h im ,
g iv in g a m o u n t ancl n u m b e r o f b o n d s , so t h a t a p ro te c tiv e
c o m m itte e m a y bo o rg a n ize d .
T ho bonds wero an underlying issue o f tho Idaho-Oregon Light & Bower
C o ., whoso property was recently sold under foreclosure. Seo V . 84.
p. 1490 V. 100, p. 401, 1171. 1514.— V . 84, p . 1489.

Buffalo (N. Y.) General Electric Co.—

M ortgage covers all properties and franchises now owned or hereafter
acquired, including Cataract Bower & C onduit C o ., to bo m erged.
—
1 9 1 5 - . . . ---------------------------$2,675,353
$904,437
$352 950
N et earnings m oro than 2
tunes interest charges, including bonds to bo
assumed. Franchises in Buffalo stated by B. S. Commission to bo per­
petual. Capital stock, $4,426,000. Continuous dividends ranging from
5 % to 6 % per year havo boon paid since 1900; present rate, 6 % . C om ­
pany serves Buffalo and Niagara Falls. T otal population about 500 000.
— V. 101, p. 290, 133.

Consolidated Earnings

'A

Gross.

California Idaho Co.— Sale

Net.

Results for 7-Year Periods Respectively Before and Under Present Management.
Surplus not earnings In excess o f all charges, main-00
tqnanco, repairs, taxes and interest on bon d s..$1,544,362

1907 10

$4,060,041
Dividends p a id _________________ _____ __________
N ono
2,288,740
Paym ent o f underlying m ortgages_______________
256,000
P aym t o f bonds issued under 1st M . o f $4,000,000
286,000
1 ,3"l2'000
N ot quick assets at end o f p e r io d .............................$4,727,924
$4!952 616
Taking tho singlo year ended Aug. 31 1914 (a year o f depression in all
business), tho com pany showed surplus net earnings o f $330,775 in excess
uiIilaVlton2nc2 ’ taxes an(l interest charges, including interest on bonds
while for tho 7 years prior to Sept. 1 1914 tho average o f such surplus
earnings was $580,000.
p
Of the $1,312,000 bonds retired from Sept. 1 1907 to Sopt. 1 1914 thero
wero retired by appropriations from surplus net earnings $1,123 000 and
from proceeds o f properties sold $189,000.
’
l rho com m ittee o f dissatisfied stockholders consists o f James B. T avlor
V™ V,Luor.':ird and Russell II. Landalo, with W . L. Hallahan as Secrotary;
100 Broadway, Now Y ork.]— V. 101. p. 215.
y’

American Water Works & Electric Co.—

Stock.—

Seo American W ater Works & Guarantee C o. below .— V. 100, p. 1259.

American Water Works & Guarantee Co.— Sale of
Securities Pledged to Secure Guaranty of Calif or nia-Idaho Bonds.
I he m ortgage dated Oct. 1 1910, mado by tho California-Idaho Co
has been foreclosed by dccreo in equity or tho (J. S. District Court for tho
Northern District of C al., entered D ec. 10 1914, and tho property covered
L-JnelJinr!n<i) r w a ,s s°kl pursuant to said decree on M arch I I 1915 for
5 a lar8p deficiency in tho amount duo on said bonds for
principal and interest (V . 100,, p. 1081). T ho American W ater Works &
P ° ’ ’ having failed to pay tho amount still duo upon said bonds
and coupons as guaranteed by it. Tho Farmers’ Loan & Trust C o as
o f trust «a ted Oct. 1 1910, m ado by the American
\\ater W orks & Guarantee C o ., to secure said guaranty, gives notice that
i't tho request in wiriting b y tho holders o f moro than 80% o f all said
bonds, ft will on Sept. 7 sell at public auction, through Adrian II. Muller




Interest

of Securities Pledged.—

Seo American W ater W orks & Guaranty C o. a bove.— V . 100, p. 1081.

Canadian Coal & Coko Co.— M eeting

bo called for the purpose o f rem oving all tho directors. This demand was
served at a time when the merger proceedings before tho P. U. Commission
were pending and the bonded debt o f American M alting C o. was approach­
ing m aturity. Becauso o f tho prejudicial effect o f a corporate disturbance
at such time tho directors felt it their duty to avoid a conflict, and an agree­
ment was therefore reached b y which tho shareholders in question with­
drew tho request for a special meeting on condition that William I!. Frank­
lin, Friend A . Russ and Stephen N . Bond should be elected to tho board
T hey were so elected on Jan. 14 1914. and M r. Franklin was also elected
I resident o f American M alt Corporation and Vice-President o f American
M alting C o ., which was m oro than had been stipulated in tho agreement. •
T ho statement that tho old board o f directors just previous to the afore­
said election created tho position o f Chairman o f tho board is incorrect
Such chango was not mado until M arch 25 1914, and all three o f tho new
directors were present and voted in favor o f tho amendments.
T ho balanco o f tho T aylor com m ittee’s circular merely states that (a) “ It
Is apparent from a careful examination into the affairs o f the com pany that
unless some radical chango takes place in tho management ancl operation
o f American M alt Corporation it will bo but a question o f time before it
will havo to bo wound up. and (b) " O u r proxy com m ittee havo a com pre­
hensive plan o f procedure for im proving tho condition o f your com pany p ro­
vided they receive sufficient proxies to placo them in ehargo o f the C o .”
ip
respect to tho first statement that tho com pany must bo wound up
if there is not a radical chango in tho management, tho following statistics
indicate tho results produced under tho present management for tho 7-vcar
period ended Sept. 1 1914, as com pared with tho results during tho 7-vear
pon od to Sept. 1 1907 under tho old administration:

Bonds Offered.—

L e o , H ig g in s o n & C o . a ro o ffo rin g a t 9 8 y 2 a n d in t ., y io ld in g
a b o u t 5 .1 0 % , th o u n s o ld p o rtio n o f a b lo c k o f 81,250,000
F i r s t R e f. M . 5s, d u o A p r i l 1 1939.— V o l . 101, p . 290 133.

Postponed.—

N o action on tho financial plan was taken at tho annual meeting on July
22 for lack o f a quorum . Bros. 11. A . L ovett, it is sta ted . announced that
subscriptions amounting to about $600,000, or $150,000 m oro than tho
minimum necessary, had been received. See V . 101, p. 49, 40.

Canadian Converters Co., Ltd.— Dividend

Omitted.-

100, p. 400.— V . 101. p. 211.

Canadian North Pacific Fisheries, Ltd.— Sold .—
T he com pany’s assets havo, it is stated, boon taken over by tho Victoria
W haling C o ., headed b y C . Rogers Brown. Operations, it is said will bo­
gin imm ediately.— V. 99, p . 1676.

(J. I.) Case Threshing Machine Co.— Acquisition.—

T ho com pany has taken over tho plant and equipmont o f tho Perfection
R oad M achinery C o. o f Gallon, Ohio.
President Frank IC. Bull is quoted as saying: “ T ho domand mado for
road graders has impressed the com pany, and it lias been deemed wiso to
tako over tho actual production o f this machinery bccauso it will bo moro
economical to concentrate all m anufacturing at Racine, as tho business can
bo handled much better from that p o in t."— V. 100, p. 2088.

Central Leather Co.— Earns, for 3 A GM o s .

Months

end. June

Months

30.

---------- 3
---------------------- 6
— -------1915.
1914.
1915.
1914
T otal not earns, (all p r o p .* ).$2,547,230 $2,367,896 $4,868,392 $5,174 606
Exp. and losses o f all cos.,
incl. int. on obligations
(except b on d s)....................
869,199
869,306 1,764,413 1,743 359
$1,678,031 $1,498,590 $3,103,979 $3,431,247
Incom e from investments__ .
5,826
6,344
7,098
11,103
T o t a l _________________
$1,684,375 $1,504,416 $3,111,077 $3,442,350
— Int. on 1st M . be
$459,552
. $459,552
$919,104
$919,104
582,732 1.165,464 1,165,464
582,732
. $642,091
$462,132 $1,026,509 $1,357,782

Deduct

♦Total net earnings aro stated after deducting operating exponscs in­
cluding those for repairs and maintenance, approxim ately $301 060 for tho
quarter and $586,538 for tho six months.
, J lo r 1/110
T otal surplus Juno 30 1915, $8,819,302.— V . 100, p. 1513.

City Water Co. of East St L. & Granite City.— S to c k -

Seo American Water W orks & Gua rantoc C o. above.— V'. 99, p. 1834.

Consolidated Gas Co., New York.—Extra Dividend .—
A n e x t ra d iv id e n d o f k t o f 1 % lia s been d e cla re d o n tlie 899,­
816,500 s to c k in a d d itio n to th o usual q u a rt e rly d is trib u tio n
o f 1 ^ 2 % , b o th p a ya b lo S e p t. 15 to h o ld o rs o f ro c o rd M a y 12,
b e in g th e sam o a m o u n t as w a s p a id o n J u n o 15 la s t. C o m ­
p a re V . 100, p . 1513.

Previous Dividend Record (Per Cent) Since

1904.

1905.

1906.

1907-1909.

1910.

1903.
1911 fo 1914.

100*1. 1595.
4
^
Cream of Wheat Co.— D ecision .—

-V .

Soo editorial colum ns on a previousjpago.

GyCarly

1915

Inc1’ S°P‘ - 5

•July 31 1915.]

THE CHRONICLE

Cuyahoga River Power Co., Cleveland.— Stock.—

Tho com pany lias increased its authorized capital stock from $10,000 to
$210,000.— V . 100, p. 312.

Delaware Lackawanna & Western Coal Co.— Pres.
J. F . Bormingham, who has boon General A uditor o f the com pany since

Its organization, has been elected President to succeed E . E . L oom is, who
resigned. Com paro V . 101, p. 208, 50.

Detroit City Gas Co.

— Slock In crease. — T h o c o m p a n y
h a s a p p lie d to th o M ic h ig a n R l i . C o m m , f o r a u t h o r it y to in ­
cre ase its lim it o f c a p ita l s to c k fro m $7,500,000, o f w h ic h
$6,580,000 is n o w o u ts ta n d in g , to $15,000,000. _ I t is de sire d
to issu e $1,128,000 o f a d d itio n a l s to c k to p ro v id e f o r e x te n ­
sio ns a n d im p ro v e m e n ts a n d also a b o u t $1,792,000 as a s to c k
d iv id e n d o f, s a y , 2,5% , o n th o s to c k to re p re s e n t e a rn in g s
d iv e r te d in re c e n t y e a rs to a d d itio n s , & c . T h is w o u ld m a k e
th o to t a l o u ts ta n d in g s to c k , $9,500,000. T h e “ D e t r o it
F r e e P re s s ’’ s a y s :
For tho last few years, it was argued before tho Comm ission, no dividonds
on tho stock had been paid, although the business o f tiio com pany warranted
them . Instead the m oney was put right back into tho business in laying
o f new pipo linos into rocently added districts o f the city , &e. In order
to reimburse tho stockholders for dividends which they should have had,
but did not draw, tho com pany wants the right to issue at onco .81,792,000
o f tho increased capital o f 87,500,000 and hand it to the stockholders in lieu
o f tho past dividends.— V . 97, p. 1826.

6

373

Hercules Powder
Co.- - FNet
o r Six M o s. ending Ju n e 30.—
Gross
(after Bond Int. & Bat. for Com.

Mos. ending
June 30—

Receipts.

Deprec.,&c.)

Pref.Div.

l)iv.,& c.

1915.........
$4,906,350
$1,277,088
$210,630
$1,066,458
1 9 1 4 . . - .................. 3.981,994
645,120
199,212
445,908
T ho percentage available for dividonds was equivalent to annual rate on
com m on stock o f 29.83% in 1915. against 12.47% In 1914 (dividend paid in
1915 was 4 % , against 3 % in 1914.) T ho net earnings from all sources
aro equivalent to annual rate on total investment o f 11.35% in 1915, against
7.79% in the provious quarter.
T ho balance sheet o f Juno 30 1915 shows bills payable, $795,939, against
$805,542 on D ec. 31 1914: reserves and contract advances, $5,218,121,
against reserves, $339,541 in 1914: profit and loss, surplus, $2,672,292,
against $1,884,611: cash, $5,212,324, against $897,939: accounts receivable,
$1,281,688, against $1,123,411; collateral loans, $650,000, against $350,000;
investment securities, $341,490, against $311,064, and materials and sup­
plies and finished products, $2,295,829 and $619,213, respectively, against
$1,998,458 and $616,900.
.-—Tho com pany states that “ tho results for tho half-year aro not a
fair indication o f tho probable results o f tho full year’s business. W e esti­
m ate that, if orders in hand aro satisfactorily executed and thero is no sub­
stantial change either for b etter or for worse in our blasting explosives busi­
ness, tho earnings for tho full year should be between 50% and 55% on tho
com m on stock outstanding. It is not possible now to attem pt to estimato
1916 earnings, but they should bo materially better than 1915.” — V. 100,
p. 1835.

Note

Hocking Valley Products Co., N. Y .— Bonds,

& c.—

T ho com pany on July 2 gave notice that (1) Securities in accordance with
tho agreement o f Jan. 1 1915 can be obtained at the Empire Trust C o .,
depositary, 120 Broadway, upon surrender o f certificates o f deposit en­
dorsed in blank, with signature witnessed.
Bondholders who nave not
deposited their bonds under the plan m ay still obtain tho benefits o f it b y
Receiver
depositing a signed agreement, together with their bonds and the Jan. 1
Judgo Oppenheimer in tho Superior Court at Cincinnati on July 21 ap- 1915 and subsequent coupons, with said depositary. (3) C oupons duo
ointcd V .-t ’rcs. John M . W ikcl as receiver on application o f tho Evans July 1 1915, stamped in accordance with tho agreement, will bo paid at tho
il W orks C o. Incorporated in 1914 with 830.000 capital stock. G . E. reduced amount upon surrender thereof to tho Bankers’ Trust C o ., cou pon­
Turner o f Pittsburgh is President: N . E . Bachman, Secretary, and M . M u l­ paying agent, 14 Wall S t.. N . Y . Sco V. 100, p . 2164, 2170.
ler, Treasurer. Com paro V . 100, p. 983.

S

Dome Mines Co., Ltd.— F irst

D ividend

Honomu (H. T.) Sugar Co.— E xtra

.—

An initial quarterly dividend o f 50 cents per sharo (par 810) has been de­
clared, payable Sept. 1 lo holders o f record Aug. 22, placing tho stock on a
20% annual basis.— 'V . 101, p. 50.

Electric Boat Co., New York.— A llian ce .—

Sco Standard M otor Construction C o. below.

Possible Change in Stock.— N o o ffic ia l in fo rm a tio n is o b ­
ta in a b le re g a rd in g th o ta lk e d o f fin a n c ia l p la n .
A ccording to newspaper gossip, an exchange o f 766,710 shares o f new
stock has been suggested on basis o f ton shares o f the new stock for ono
sharo o f tho existing stock, whether com m on ($4,999,600) or preferred
(82,667,5001. Such exchange if made may form part o f a merger plan.
It was said yesterday that the com pany would be reincorporated under
the laws o f N ow Y ork State with an authorized capital o f 1,000,000 shares.
The advanco in prico o f com m on stock from 8 3 4
a share bid (par
8100) in Jan. 1915 to 8430, closing yesterday at 8358, has been one o f the
m ost spectacular features o f tho recent speculative movem ent in “ war stks.”

XA

Working Agreement — Control.—

A te c h n ic a l jo u rn a l sa ys:

Tho working agreement between the E lectric Boat C o. and tho great
British ammunition firm o f Vickers, L td ., which was outlined a fow weeks
ago, has now been perfected. It calls for a closer co-operation between
tho Electric Boat C o .’s plants in this country and tho Vickers plants in
Canada, as well as with tho Bethlehem Stool Corporation, particularly on
submarine and torpedo work. As tho plans have been worked out, tho
projects for the building o f British submarines and other craft are to bo so
carried forward as to eliminate any o f the fears which beset tho Electric
B oat C o ., in its early orders, as to possible violations o f neutrality laws.
Tho entry o f tho Vickers interests into the E lectric B oat C o . manage­
ment has been extended, and with them enter American bankers who havo
handled war contracts for the British Governm ent, m any o f them in con­
junction with Vickers undertakings. A s has already been stated, it was
these American bankers and the Vickers interests for whom the holdings
o f Electric B oat, released by Isaac L. B ice were bought. The com bined
interests now control the affairs o f the Electric B oat.— V. 101, p. 216.

Elgin National Watch Co., Chicago.— Earnings .—

President C . II. Hulburd is quoted as saying: “ The gross earnings so
far in tho current calendar year aro behind those o f 1914, but expenses are
correspondingly lower and, therefore, net shows relatively as well as gross.”
Tho regular quarterly dividend o f 2 % will bo paid A ug. 1 to holders o f
record July 27. Stock auth. and issued, 35,000,000, par $100. N o
bonded debt.— V . 100, p. 559.

Federal Mining & Smelting Co.— Earnings .— -

Tho net earnings for 6 months ending Juno 30 were $242,434. T ho oper­
ating profit in tho full year 1914 was $189,093, and in 1913 $419,932.— -V.
100, p . 1255.

Ferdinand (Ind.) Water Works Co.— Receiver.—
Joseph W cuclincr o f Jasper, Ind., has been appointed receiver. It Is
said that there aro not enough funds on hand to coinpleto tho plant.

General Chemical Co., New York.—GM o s .

E a rns.(E st.)

Mos.30—
End. Net
Com.Dies.
Balance,
June
Profits. Insur.
Reserve. I)cpr.,prof.
Acct.,&c. Pf.Divs.
(2 A% ).
(3 % ).
Surplus.
1 91 5 _______ 82,353,468 $110,000 $350,000 $456,249 $342,012 Sl.095,207
6

191 4 _______ 1.426,086
— V . 101, p. 216.

30,000

205,000

412,500

325,740

452,846

(B. F.) Goodrich Co. (Mfrs. of Rubber Goods), Akron
Ohio.—Earnings.—T h o b o o ks w o ro closed o n J u l y 1 fo r th o
p u rp o so o f d e te rm in in g tho ro s u lts o f o p e ra tio n s fo r th o fir s t
s ix m o n th s o f 1915. T h o fig u re s h a v o n o t boon a u d ite d b y
p u b lic a c c o u n ta n ts , b u t th o c o m p a n y ’s A u d it o r has ju s t s u b ­
m itte d a s ta to m o n t o f e a rn in g s (w h ic h w o c o m p a ro w it h th o
c o rre s p o n d in g p o rio d in th o p ro v io u s y e a r) s h o w in g :
1915.
1914.
A fter m aking proper allowances for maintenance de­
preciation, bad debts and all known outstanding
liabilities, & c ., tho not profits for tho period
am ount to approxim ately________________________ $4,000,000 S2,651,278
Rogular April and July prof. divs. (figured by editor)
(3 j-2 % ) -----------------------------------------------------------------980,000 1,050,000
T h o com pany has redeemed and canceled out o f surplus $2,000,000
preferred stock, leaving $28,000,000 outstanding. Tho amount o f quick
assets over current liabilities shows a gain o f approxim ately $3,016,866
for tho period. Tho officers havo recommended to tho board that no divi­
dend bo declared on tho com m on stock at this time.
(Tho com pany has issued a statement confirming its ostimato o f a saving
o f no less than $25,000,000 a year to tiro users in tho U. 8. because o f the
general reduction o f prices which follow ed tho publication o f its “ Fair
L ist” on Jan. 31 1915.]

D ecision.—

Sco K o lly - S p r in g . T i r o C o . b o lo w .— V . 101 ,p .210
Goodyear Tiro & Rubber Co.— Decision .—

Sco H ood R ubber C o. below.— V . 100, p . 1922.

Groat Atlantic & Pacific Toa Co.—Decision .—

Seo editorial columns on a previous pago.

Great Shoshone & Twin Falls Water Power Co.—
Seo American W ater W orks & Guaranteo C o. above.— V . 100, p. 1081.

Hawaiian Commercial & Sugar Co.— Extra

Dividend .—

In addltoin to tho regular m onthly dividend o f 25 cts. (1 % ) on tho
$10,000,000 stock (par $25) an extra paym ent o f 50 cts. (2 % ) has been de­
clared, payable A ug. 5. Similar extra payments were mado in M ay 1915
and N ov . and Sept. 1914. Compare V. 100, p. 1835. Seo “ Annual R e­
p orts" on a provious pago.— V . 100, p. 2089, 1835.




(2)

.—

Diamond Light Co., Cincinnati.—

D ividend

.—

T ho directors at a recent meeting declared an extra dividend o f 5 % on
the $750,000 stock, payablo along with tho regular m onthly distribution
o f 1>£% on Aug. 5. Comparo V . 100, p. 1922.

Hood Rubber Co.— Favorable

D ecision A ffirm e d

.—

T he U . S. Circuit Court o f Appeals at B oston. M ass., has affirmed tho
decision o f tho U. S. District Court in Jan. 1915 (V . 100, p. 144), which
dismissed tho suit brought against tho com pany several years before by
tho Goodyear Tiro & Rubber C o. o f A kron, O ., on account o f au alleged
infringement o f a collapsiblo core used in making pneum atic tires. C om ­
paro V . 100, p. 144.— V. 100, p. 815.

H untington (W. Va.) Water Co.— Securities .—

Sco American W ater W orks & Guaranteo C o. a bove.— V . 98, p. 527.

Imperial Tobacco Co. (of Great Britain and Ireland).
— M eeting.— S h a re h o ld e rs ’ m e e tin g s w e ro r e c e n t ly ca lle d
J u l y 20 a n d A u g . 4 to v o te o n —

5Vi %

ft'A

(1) Altering tho nomenclature o f tho existing shares as follows, viz.:
(a) tho
cumulative preference shares to bo henceforth called “ A ”
%
cumulative preference shares (b) the 6 % non-cum ulatlve pref. ordinary
shares to bo henceforth called “ B ” 6 % non-cum ulativo pref. shares (c) tho
“ A ” deferred ordinary shares (1 0% ) non-cum ulativo to be henceforth
called “ C ” 10% non-cum ulativc pref. shares and (d) tho “ B ” deferred
ordinary shares and tho restricted “ B ” deferred ordinary shares to bo
honeeforth called ordinary shares and restricted ordinary shares, respec­
tively. (2) Providing that when a block o f ordinary shares or restricted
ordinary shares, not exceeding 2,000 in number, is offered for sale through
tho com pany, such snares shall be offered in batches o f 10 shares to the hold­
ers o f ordinary shares in such order as may bo determined b y lot. (3) Pro­
viding that in future a director’s qualification shall be the holding o f 5,000
shares, o f which not less than 2,500 shall be ordinary shares. (4) C onferr­
ing on the com pany tho power to capitalize a portion o f tho general reserve
should it at any timo bo considered desirable to do so. Com paro V . 85,
p. 397 also A m . T ob a cco C o. in V. 93, p. 1123 V. 98, p. S41.— V .9 8 ,p .l0 0 3 .

Inland Steel Co., Chicago.— Dividend

Increased .'—

A quarterly dividend o f 2 % has been declared, payablo Sept. 1 to holders
o f record A ug. 10. This compares with 1 % in D ec. 1914 and M ar. and Juno
1915. From 1911 to Sopt. 1914 quarterly distributions o f 1
wero made
with extra paym ents o f 3 % each in M ar. 1911 to 1913. Seo “ Annual
R ep orts.”
D . P. Thom pson has been elected a director to succeed Joseph Block,
deceased, and II. C . Jonos in place o f F. W . Olin.— V. 100, p. 1441.

%

Johnston & Collins Co., N. Y. (Insurance).—Business
in Force.—

June 30—

T h is g e n e ra l in s u ra n c e a g e n c y ro p o rts :

Amount
Life
Ins. ------------------------------Life. Accident. Premiums
Liabil'y. ------------------------------Fire. Total.

$14,273
$3,295 $1,290
$43,428
1909-....................... S751.325 $24,570
1912........
.4,078,533 136,824
48,262
46,512 14,715
246,313
1914 ----------------- 7,739,993 258,969
09,491
91,119 90,850
510,428
1915 ----------------- 8,878,449 292,950
66,665 144,290 82,443
586,348
George W . Johnston is President. Office, 55 L iberty S t., N . Y . C om ­
paro V. 100, p . 233.

Kansas Natural Gcs Co.—Increased

Rates.—

T ho Kansas P. U. Commission has authorized an increase in rates from
25 to 28 cents per 1,000 cu. ft ., provided a similar increase is allowed in
Missouri. T ho award stipulates that the increase is to be used in exten­
sions and betterments and n o t towards retirement o f tho 2d M . bonds.
W hile it is thought that an appeal might bring a greater increase, it is
rumored that Federal Judgo Flannelly is quite likely to take matters in
his own hands and order a rate advanco in keeping with tho com pany’s
financial plan on tho ground that tho com pany transacts an inter-State
business and that tho State Commissions havo no real jurisdiction. C om ­
paro plan, V . 100, p. 401.— V . 100, p. 1171.

Kolly-Springfield Tire Co.—Favorable

D ecision.—

Judgo Hand in tho U. S. District Court on July 22 in tho suit against the
Diam ond R ubber C o. (now merged in tho Goodrich C o.) for infringement
o f tho Grant patent, which has been pending since 1897, confirm ed tho
award o f tho master o f $130,000 damages in favor o f tho Kelly-Springfield
C o. T ho decision also allows interest and costs and adds $50,OO0 for
punitive damages, amounting in all to about $212,000. T ho com pany has
suits ponding involving larger amounts against the B. F . Goodrich C o .,
R epublic C o ., Pennsylvania R ubber C o. and others for like infringements,
now all in tho accounting stage awaiting tho m aster’s report.— V. 100,p. 1756.

Keystone Watch Case Co., Phila.— D iv.

Omitted.—

t*']

T ho directors have, owing to trade conditions, voted to om it tho semi­
annual dividend on the $6,000,000 stock usually paid in August. In Feb.
1915
was paid for the 6 m onths ending Dec. 31 1914. From Feb.
1903 to Aug. 1914
was disbursed semi-annually. In 1901 and 1902
6% was paid and in 1906 5 % .— V . 100, p. 2014.

\ XA %

3A%

Marmot Coal Co., Cincinnati.—Bids

Asked fo r Property.

Chas. W . Poysell and Edwin M arm et, receivers, will receive bids at Cin­
cinnati offico until Sept. 21 for tho sale o f the property, including tho entiro
$100,000 capital stock o f tho West Virginia & Southern R R ., a lino running
from M arm et to llernshaw, W . Va. and connecting with tho Chesapeake
& Ohio.— V . 100, p. 1441.

Mt. Vernon-Woodberry Mills Co., Inc.— Sale,

& c. —

Following the sale in parcels the properties o f the M t. Vernon-W oodberry
C otton Duck C o. located in Baltimore C ity and C ounty, in Prince Georgo’s
C ounty, M d ., at C olum bia, S. C ., and at Tallasseo, A la ., woro bid in as a
whole on July 21 for $3,420,000 for the bondholders’ com m ittee. Thoy will
hereafter bo owned by tho new com pany, th o M t. Vernon-W oodberry 51 ills,
In c., as nor plan in V . 99, p. 89S: V. 100, p. 1262, 861.
••
T ho plants, it is said, aro running full time, with unfilled orders on hand
July 1 o f 7,500.000 lbs., principally o f khaki cloth and cotton duck for
E urope.— V . 100. p. 2090.

[Vol. 101

THE CHRONICLE

374

P o m p t o n P i n k G r a n i t e C o ., N. J.— Receivers' Sale.—

Massachusetts Gas Companies.— EarningsEarnings of Controlled Companies.

June

----------1915.
.—
N ew E ngland Gas & C oke C o —. $49,579
Boston Consolidated Gas C o ___ 128,525
7,295
East Boston Gas C o -------3,980
Citizens’ Gas Light C o _________.
3
>980
6,765
N ewton & W atertown G a s C o . .
46,987
N ew England Coal & Coke Co
Federal Coal & Coke C o _______ . 10,559
.
539
B oston T ow b oa t C o _____

Earnings of Subsidiary Cos

1914.
$75,567
103,877
6,443
3,956
4,648
16,803
5,936
3,133

end. J’ne
301913-14.

-1 2 M bs.
1914-15.
$616,633
1,431,771
66,413
42,597
60,162
301,453
109,336
48,208

$797,754
1,263,059
66,562
22,497
48,858
214,789
69,094
41,430

$2,676,573 $2,524,043

.$254,229 :$ 220,363

Increase in----------Gas June
Output.
---------

Mos. end. 1913-14.
J’ne 30­

—12
1914-15.
________
*1.06%
2 .2 4 %
11.33%
5.40%

1915.
1914.
B oston Consolidat ed G as______
4.0 0 %
2.0 0 %
East Boston Gas.................
*0.68% 13.58%
Quincy C o. o f Quincy___________ 16.07% 13.11%
N ew ton & W atertow n__________ 7.6 6 % 9.9 5 %
* Decrease.— V . 101, p. 135, 51.

3.0 5 %
9 .8 9 %
18.75%
9.6 4 %

T ho quarry and other real estato and personal property located just
boyond tho P om pton Junction station o f tho Greonwood Lake Division o f
tho Erie R R „ was sold at public auction on July 22 b y Receiver Thom as W .
Randall o f Paterson for $15,000, to J. C . Thorn o f 200 Fifth A v o ., N . Y .,
acting, it is stated, as a representative o f J. B . and B . N . Duko.

P o r t s m o u t h B e r k l e y & S u f f o l k ( V a . ) W a t e r C o .— Stock.
See American W ater W orks & Guarantee C o . a bovo.— V . 95, p. 1546.

P o to m a c E l e c t r i c P o w e r C o .— A ppeal to Courts .—
T ho com pany on July 23 served notice on the P. U . Commission that un­
less tho Commission authorized tho issuance o f $495,000 bonds applied for
several months ago, and for tho m ost part refused b y the Com m ission, tho
com pany would take an appeal to tho courts. T he Commission on April 6
made an order allowing the com pany to issue $79,500 general im provem ent
6 % debenture bonds and disapproved the issue o f tho remainder o f tho pro­
posed $495,000 issue, on the ground that only $79,000 is necessary for “ cer­
tain extensions, additions, bettermonts, improvem ents and for reimburse­
ment o f funds expended for these purposes. '— V . 100, p . 1597.

R a c in e ( W is . ) W a t e r C o .— Securities.—
See Am erican W ater W orks & Guarantee C o. above.— Y . 97, p . 1508.

R a i lw a y s I c e C o ., C h ic a g o a n d N e w t o n , K a n s . — Bonds.
— T h o A m e ric a n B o n d & M o rtg a g o C o ., C h ic a g o , is p la c in g
a
t
p a r a n d in t . $200,000 1st M . 6 % se ria l g o ld b o n d s d a te d
1914-15 *___ £300,296 £15,015 £58,036 (2 0 % )£165,000 ............. £62,245
J a n . 1 1915 a n d d u e $20,000 s e ria lly o n J u l y 1 1916 to 1925,
1913-14 x ___ 261,145 13,057 27,721 (3 5% ) 98,875 £79,100 42,392
* N ew com pany, x Old com pany.
D o n o m . $100,
T he balance carried forward on April 30 1915, after deducting £100,000 b u t re d . a t 102 a n d in t ., o n 30 d a y s ’ n o tic o .
$500 a n d $1,000. In te r e s t J . & J . A u t h . issuo $500,000.
carried to reserve, was £54,162.— V. 100, p . 2171.
Mutual Film Corporation, N. Y.— Com . Div. Omitted.— T r u s t e e , C h ic a g o T i t l e & T r u s t C o .

Mond Nickel Co., Ltd., London, Eng.— Earnings.—

Apr.
Year30—

Net Directors'Pf.Divs.
Profits.
Fees. (7 % )

Ordinary
Dividend.

Deferred
Div. Bat.,
Surp.

T he directors havo decided to om it tho usual m onthly dividend o f 1%
on tho com m on stock, but havo declared tho regular quarterly dividend o f
1
on tho preferred stock, payable O ct. 1 to holders o f record Sept. 20.

y, %

—V. 100, p. 737.

National Bridge Co.,Ltd.— Interest Payment.—

T he M ontreal “ G azetto” o f July 27 said: “ Interest on tho 8585,000 1st
sinking fund 6 % bonds, due A ug. 1, will not bo paid until tho end o f tho
period o f 90 days grace, o f which the com pany availed itself on tho occasion
o f the last paym ent. Tho next 6 m onths rental on tho bridge plant, leased
somo time ago b y tho M ontreal Amm unition C o., will not bo due for about
3 months, and until it is paid tho com pany will bo without funds to m eet its
bond coupons.— V. 100, p . 1757.

National Cloak & Suit Co.— Six Months Earnings.—

T he President reports that tho sales for tho 6 months ended June 30 were
$8,546,825, as com pared with $7,205,645 in the same period last year.
T ho net profits were $621,320, against $438,263. T ho number o f orders
received was 1,977,069 against 1,540,660. The com pany had cash in bank
on Juno 30 amounting to $1,182,500 and no bills payable.— V. 100, p. 1082.

National Limestone Co., W. Va.— Foreclosure.—

T he N orthern Central Trust C o., as mortgage trustee, recently brought
suit in tho U. S. D istrict Court at Elkins, W . V a., to foreclose the m ort­
gage, on which tho Jan. and July 1915 coupons havo been defaulted.
W alter P. Stovons o f Scranton, son-in-law o f President J . S. M cN u lty ,
was appointed receiver. Reorganization is proposed.

Nevada-California Electric Corporation.— Dividend —
N ew Company— Exchange o f Stock.— A d iv id e n d o f 2 % has
be e n d e c la re d o n th o o u ts ta n d in g p re fe rre d s to c k , p a ya b lo
A u g . 10 to h o ld e rs o f ro c o rd a t n o o n J u l y 26. T h o c o rp o ra ­
tio n b e g a n bu sin ess J u l y 1 a n d th o d iv id e n d th o re fo ro c o ve rs
la s t 6 m o n th s o f th o c u rre n t y e a r a t th o fu ll ra to o f 4 % p .a .

theThoso

entitled to preferred stock o f tho N evada-California E lectric
C orp. under tho terms o f tho certificates issued b y tho International Trust
C o ., Denver, trustee, for stock o f tho N ovada-California I’ow cr C o. will
receivo tho dividend upon surrender o f tho certificates o f deposit to tho
International Trust C o. for exchango for stock o f the N evada-California
E lec. C orp. Books for tho transfer o f stock will closo at noon Juno 26 and
reopen at noon A ug. 3. International Trust C o. is transfer agent.

Bonds of Southern Sierras Power Co. Guaranteed .—
See that com pany below .— V ol. 100, p. 144.

New Cornelia Copper Co., Calumet, Mich.— Stock.—

T ho stockholders on July 27 voted to increaso tho capital stock from
$6,000,000 to $8,000,000. Seo V . 101, p . 217.

New York Realty & Terminal Co.— Closed

Guaranty.—

See N ew Y ork N ow Haven & Hartford ItR . under "R a ilroa d s” abovo.

Nova Scotia Steel & Coal Co.— N ew

President.—•

Thom as C antley, form erly Vice-President, has becom e President to suc­
ceed It. E . Harris, who has received an appointm ent to tho N ova Scotia
Supremo C ourt. Lieutenant-Governor J. D . M cG regor o f N ova Scotia
and D . W . lto s s o f T oron to havo been mado Vico-Presidents.— V .100,p .1749

Obispo Oil Co., California.— Government

Suits .—

Judge Bledsoe in tho U. S. District Court on July 12 in tho suit o f tho
Governm ent against several oil companies operating in Kern C ounty, C al.,
for tho recovery o f lands on tho ground o f fraud and misrepresentation
appointed Howard Payno o f San Francisco receiver o f tho properties In
dispute operated b y tho com pany, George W . Cutchen. D avid Kinsley,
M idw ay Field Oil C o. and M idland Oilfields Oil C o. Ho was appointed
somo time ago receiver o f a number o f properties in tho vicinity which aro
in litigation in the Federal C ourt. An injunction was granted restraining
the operation o f tho oil products on tho properties ponding tho decisions in
tho suits.— V . 99, p. 1371.

Onomea Sugar Co., Honolulu.— Extra

Dividend .—

An extra dividend o f 80 cts. a share (4 % ) has been declared in addition
to tho regular paym ent o f 20 cts. (1 % ), both payablo A ug. 20. A similar
extra paym ent was m ade on Juno 20 last. Com paro V . 101, p . 135.

Pacific Telephone & Telegraph Co. System.— Earnings
fo r

3 M onths ending June 30 ( M onth o f June 1915 estimated ) .— •

Mos.
Gross
June ending
30—
Earnings.
1915_________ $5,026,500

3

Net
Bond,
&c., Prcf. Divs. Surplus.
Balance,
Earnings.
Interest.

(1 J 4 % ).
$1,127,865
$615,340
$480,000
$32,525
1914.................. 4,766,791
1,159,932 568,527
480,000
111,405
T ho figures wero erroneously published last week as relating to tho 6
m onths ending Juno 30.— V. 101. p. 292.

Pepeekeo Sugar Co., Honolulu.— Extra

'A

Dividend.—

The extra paym ent which was mado on July 15 on the $750,000 stock
In addition to tho regular m onthly paym ent o f 1 % , was increased from
343% to 5 % boforo tho date o f paym ent.— V . 101, p. 135.

Pepperell Manufacturing Co., Boston.— Dividend.—

An initial
$76,680 now
rato o f 18%
dend rate o f

semi-annual dividend o f $3 a share has been declared on tho
shares (par $100) per plan V. 100, p . 479, 646. This is at tho
on the former capitalization, com pared with tho former divi­
1 2 % .— V . 100. p. 646.

Pettibone-Mulliken Co.— W ar

Orders.—

T he Chicago "E vening Post” recently said: "Pettibone-M ulliken C o.
has accepted one order for 1.000,000 3-inch shells from Groat Britain, to
cost $5,560,000. on which thero will be a profit o f $3,500,000. The terms
are 25% cash with order, 25% f.o .b . Chicago, 25% on arrival in Now York
and 25% upon loading on ships. Another order for 2,000,000 3 41 and 446inch shells on the samo relative terms has been booked for Franco and
Russia. Orders booked and about to bo booked by tho Pettibone-M ulliken
C o. total $35,000,000. W ith recent improvements and additions the com ­
pany can turn out 10,000 shells a da y. — V . 100, p . 554.

Pittsburgh Steel Co.— Dividends

Resumed .—

A quarterly dividend o f 141 % has been declared on tho $10,500,000 7%
cum . pref. stock, payablo Sept. 1 to holders o f record A ug. 16. Full regular
paym ents wero mado from 1911 to June j.914, but wero doferred In A ug.
1914 (V . 99, p. 541).— V . 100, p . 1758.
^




D ig e st o f L e tte r fro m P res. A . O . M cL a in , C h ica g o .
Organized in Kansas with a paid-up capital o f 8100,000, which was in­
creased in 1913 to $100,000 and on July 1 1915 will bo again increased to
$800,000, owing to tho rapid growth o f business ami properties. H om o
office, N ew ton, K a n .; C hicago office, 160 W . Jackson Boulevard. C om ­
pany owns and operates ice-m aking plants with a daily capacity o f 840 tons
(250,000 tons a year) on tho main lines o f Atichison T opeka & Santa I o,
Illinois Central and Frisco railroads. Appraised value over $1,000,000.
Financial statement o f July 1 1915 shows net assets o f about $82o,000.
Annual net earnings, 1912, $60,000: 1913, $83,000; 1914, $105,000: 191o
(est.), $150,000, or over 12 times interest on bonds now out.
Our 15-year contracts with tho railroads for refrigeration purposes aro
very valuable, providing that tho railroads shall tako, and pay for, a cer­
tain amount o f ico each year; also should the price o f coal advance, the rail­
roads will pay a correspondingly higher price for their ice, so that you will
seo that we aro practically guaranteed against loss. T ho purpose ot this
issuo is to tako up tho floating debt arising out o f tho doubling ot tho size
o f our Kansas C ity plant and tho construction o f our M em phis plant, with
a daily output o f 160 tons. Tho remaining $300,000 o f bonds can bo used
only under stringent conditions, for enlarging our present plants or acquir­
ing or building new plants. W o havo no dobts o f any kind except current
bills anil tho floating debt m entioned above.
_ .
Directors: C . M . Beachoy (V .-P res.), C . II. R andlo, E . S. M cL ain
(Trcas.
Gen. M g r.), M . T . M cG ra w (S ec.), W . J. P uott, C . J. M cG raw ,
A . O. M cL ain (President).
14 1915—
$1,050,000—
—
I
—
$300,000 W aynoka, Okla_______100 $100,000
Kansas C ity, K a n ___ 250
200.000 C lovis, N ew M e x _____ 90
100,000
M em phis, T e n n ______160
140.000 W oodw ard, Olda_____ 40
50,000
H arvard, A rk________ 100
160.000
T o ta l.........................840 S I,050,000
M on ett, M o _________ 100

Sc
Appraisal June
Plant at

Present Cash Value
Cap. Valuation. Plant at

Daily Cap. (tons).
Cap. Valuation.

S o u t h P i t t s b u r g h W a t e r C o .— Stock.— •

Seo American W ater W orks & Guarantee C o. abovo.— V . 95. p. 1547.

S o u t h e r n E x p r e s s C o .— Domestic Revenue— Incr. in Rates.
Seo “ Express Companies” under "R e p o rts” abovo.

S o u t h e r n S ie r r a s P o w e r C o ., D e n v e r , C o lo .— Bonds
T h o C a lifo rn ia I t I t . C o m m is s io n o n J u l y lg
a u th o riz e d th o c o m p a n y to o xo cu to a m o rtg a g o fo r a n u n ­
fix e d a m o u n t to th o L o s A n g o lo s T r u s t & S a v in g s B a n k a n d
th e In te rn a tio n a l T r u s t C o . o f D e n v e r, tru s to e s, d a te d J a n . 1
1915, a n d to issuo th e re u n d e r $3,668,000 o f F i r s t a n d R e ­
fu n d in g 6 % 5 0 -yo a r g o ld b o n d s , series “ A , ” duo in 1965,
b u t s u b je c t to c a ll a t 103; d o n o m . $1,000, $5,000, e tc .
Authorized.—

Purposes for which These

Bonds Arc Issuable.

S3,668,000
T o ro tiro co ’s $2,500,000 I s t M . 25-yr. bonds o f 1911 (soo below) .$2,500,000
T o retiro $300,000 additional o f c o ’s 6 % 25-yoar bonds hereto­
fore authorized b y tho Com m ission__________________________
300,000
T o rotiro bonds o f the Lytlo Creek Power C o -----------------------------70,000
T o be sold at not less than 90% and int. to pay debt to tho N ov.Cal. Powor C o. and others, if and whon approved by tho C om m . 798,000
Tho N ovada-California Powor Corporation is to guarantoo tho bonds,
principal and intorcst. T ho applicant’s cash investment in its properties
Is stated as $4,314,979, and it owes the Novada-California Powor C o. for
construction advances $995,584. T ho total interest charges for 1915 will
bo but $224,000, with, it is stated, over $400,000 to meet such shargos.
Boettcher, Porter & C o. o f Denver in January last recomm ended at tho
market prico tho 1st M . sinking fund 6 % gold bonds o f 1911, uncondi­
tionally guarantted as to principal and interest b y the Novada-California
Powor C o ., duo Sept. 1 1936, but redeemable on or after July 1 1918 at
105 and int. 011 60 days’ notico. Interest J. & J. at International Trust
C o. (the trustee), D enver, or Guaranty T r. C o .. N . Y ., or C ont. & Com m .
T r. & Sav. Bank, Chicago. D onom . $500 and $ l,0 0 0 c* . A u th ., $5,000,­
000: outstanding, $2,500,000.
,
^
t
, , ,
T he firm named then wroto: Owns and operates steam and hydro­
electric generating plants aggregating 15,666 h .p ., interconnected with
the generating plants o f the Nevada-California Power C o ., and has contracts
aggregating over 20,000 h .p ., m ostly for long terms, with a connected load
in oxccss o f 18,000 h.p. For tho 11 m onths ended N ov. 30 1914 its not earn­
ings were $238,341; add not surplus o f guarantor for samo period, $243,519;
total, $481,860, or 346 times tho interest ($137,500) on bonds o f 1911 for
tho 11 m onths. Tho sinking fund should retire a largo portion o f tho
bonds. Soo also V . 98, p. 1998.— V . 100, p . 1353.

S t a n d a r d M o t o r C o n s t r u c t i o n C o .— Neiv Officers—
T h o fo llo w in g fro m a n o xe ka n g o jo u rn a l is u n d e r­
s to o d to bo s u b s ta n tia lly c o rre c t:
Control.—

Tho election o f Henry It. Sutphen, Vice-President o f tho Kloctric B oat
C o ., to tho directorate o f tho Standard M o to r Construction C o. appears to
confirm rumors that tho interests controlling the B oat C o. havo secured con­
trol o f Standard M otor.
Lewis N ixon has resigned as President o f tho
latter concern and it is believed that he has sold tho greator part o f his hold­
ings o f Standard M otor stock to tho now interests in tho com pany. ViccI’res. E . A . Reiotte has been appointed to succeed M r. N ixon.
The Electric Boat C o. controls tho Holland T orpedo Boat and tho E lco
companies. T ho com pany, or its management, also has an interest in tho
Now London Ship & Engine C o ., many o f its directors boing on tho board
o f the Ship & Engino C o ., and its connection with Standard M otor will
givo tho Electric B oat interests control o f concerns making all parts o f small
m otor and submarine vessels. It is also understood that tho Now London
com pany is constructing a number o f motors under the Standard M otor
patents b y a royalty agreement with that concern.
.
Standard M otor, it is stated officia lly, has largo orders for motors from
tho E lco C om pany. It is said that the total orders call for delivery o f 500
onginos o f 380 li. p ., costing $10,000 oach. Another order ot similar sizo
is said to bo pending [and has sinco boon consum m ated. Soo also E loctn c
B oat C o. a bove.— E d.] Also com paro V . 101, p. 136.

S t a n d a r d T o o l & M fg . C o ., I n d i a n a p o l i s . — Receivership.
Albert Iiabb, referco in bankruptcy, on July 19, in tho absonco o f Judgo
Anderson o f tho U. S. District C ourt, appointed tho Aetna Trust & Savings
C o. o f Indianapolis temporary receiver. T ho petition was filed on July 16,
tho creditors at tho samo timo filing a potition in involuntary bankruptcy
against tho com pany.

J uly 31 1915.]

THE CHRONICLE

as quick assets; in case o f the issuance o f part only o f the reserved bonds*
tho stock to bo sold at the same ratio; provided further, that annual net
earnings are throe times interest charges, including bonds then to be issued.
Tho com pany covenants to maintain "n e t quick assets” equal at all times
to 7 5% o f the am ount o f bonds outstanding and a minimum o f $2,500,000
“ net quick assets.”
T h o com pany lias paid dividends continuously for the past 16 years. It
has outstanding $6,195,000 capital stock o f an auth. issue o f $7,500,000.
D ig e st o f S ta te m e n t b y P res. Isa a c M. S c o t t, W h e e lin g , J u ly 22 1915.
.— An absolute first m ortgage on the following properties:

S t e w a r t - W a r n e r S p e e d o m e te r Co.'— Earnings , & c. — T h e
fo llo w in g is p ro n o u n c e d c o rre c t b y th o se k n o w in g th e fa c ts :
T ho net earnings for the half-year ended June 30 Increased $271,000.
F or the cal. year 1914 earnings totaled $982,362. A t the rato o f incrcaso
during tho six m onths period the com pany Is earning about 14% on tho
com m on stock for tho current year. A t tho meeting at which regular
dividends wero declared on com m on and pref. stock, directors decided to
anticipate sinking fund requirements on tho preferred to tho extent o f
setting aside $46,500 in addition to regular $65,000 for tho year, making
the total sum dovoted this year to tho sink. fd . $111,500.— V . 101, p. 45, 51

S t r e e t ’s W e s t e r n S ta b le C a r L i n e C o .— Sale A u g . 16.—
The sale, it is stated, has again boon postponed, until A ug. 16. In tho
mean tiino, a now plan o f rcorg. m ay bo subm itted.— V . 101, p .2 9 2 , 136.

S w i f t & C o ., C h ic a g o .— Earnings.—

Chicago "R ecord -H era ld ” says: “ The com pany’s gross this year will
go well over $400,000,000, and the not earnings applicable to the $75,­
000,000 capital stock will bo between 18 and 2 0 % . In tho previous yoar
net earnings wero around $9,250,000, and earnings on tho share capital
wero about 12.3 3% .
"T h e showing m ado has been duo entirely to largo foroign sales. In
former years the ratio o f foreign business has averaged between one-fifth
and one-sixth o f the total, while this year the average has boon one-fourth
to one-third o f tho total sales. A t the same timo tho margin o f p rofit on
exports is largo. D om estic businoss has not boon so good.
"P acking companies have two unusual costs to meet, ono foroign exchango
and the other tho large volum e o f goods sold to European countries but
not delivered. It is estimated that England has held up fu lly $20,000,000
worth o f American packers’ products shipped to hostile countries. Those
will bo paid for somo tim o, but probably not in timo to count in the presont
yea r’s earnings.”
Tho com pany on July 20 paid to tho Clerk o f the Missouri Supremo C ourt
tho $5,000 (nominal) fine recently imposed for violation o f tho State laws
regarding tho pricos o f dairy products in tho State under tho settlement
and arrangement to hereafter obey tho Stato laws.— V . 101, p . 292.

T o r o n t o P a p e r M fg . C o ., L t d . , T o r o n t o , C a n .— Earns.

March
Year—31—

Net Interest.
Bond Direc.,&c.,
Dividends
Profit.
Fees.
Paid.
Yi

Bal.,
Surp.
or Deficit.

_____
(1 % )S 1 1,250 sur.$17,512
1 9 1 4 -1 5 ______ -.$ 5 8 ,7 62 $30,000
1 9 1 3 -1 4 _________ 75,693
30,000 $2,319
(6 34 % )50.625
def. 7,251
T otal surplus M ar. 31 1915, $34,777, after writing o ff organization ex­
penses, & c.. $4,412, and depreciation reservo, $5,857.— V . 99. p. 1683.

T w i n F a ll s O a k le y L a n d & W a t e r C o .— Stock.—
See Am erican W ater W orks & Guarantee C o. above.— V . 98, p. 917.

T w i n F a ll s S a lm o n R i v e r L a n d & W a t e r C o .— Stock.—
Seo Am erican W ater W orks & Guarantee C o. above.— V . 98, p . 917.

U n i t e d G a s I m p r o v e m e n t C o .— Six M onths' Earnings.Gas sales in Philadelphia for the 6 months ending Juno 30 showed a
small decrease from last year, but outside o f Philadelphia increased 1 .9 % .
June sales increased 2 .6 % in Philadelphia and 2 .2 % at other plants. Presi­
dent Samuel T . Rodino says:
“ Our output o f gas from plants all over tho country shows a gain o f 1%
for tho 6 m onths as com pared with the 1914 half-yoar, which, under tho
circum stances, m ay bo considered gratifying. This moans that tho re­
ceipts o f the com pany from its regular business will also bo somewhat larger
for the 6 m onths just closed. East year’s total profits included tho salo
o f somo securities, but so far in 1915 no such sales have been m ado. Tho
main feature o f this year’s operations has been tho reduced cost o f ma­
terials, principally oil which admits o f a larger margin o f p rofit in the
m anufacture o f gas.”
Salos o f gas in Philadelphia b y tho subsidiary, tho Equitable Illuminating
Gas Eight C o ., in tho quarter ended Juno 30, com pare as follows (cu. ft .):
3
—
31.
30.
30.
31.
1915 ................ -.2 ,5 6 1 ,9 52 ,2 1 0 2.256,216,540 --------------------- ---------- -----------1 9 1 4 ___________ 2.659,381,310 2,252,409,840 2,215.630,420 2,680,642,810
Tho amount collected during tho quarter for such sales was $2,238,321
received in paym ent for 2,338,321,270 cu . ft ., o f which 51,040 cu. ft. wero
sold botwoen Jan. 1 1908 and Jan. 1 1913, and 2,337,824,860 subsequently.
T ho amount o f m oney due to tho city under tho terms o f the lease is $467,
636, being lO cts. per 1,000 cu. ft. on 51,040 cu. ft ., 15 cts. on 445,570 c u .f t .
and 20 cts. on 2,337,824,860 cu. ft .— V. 100, p. 1598, 1507.

Mos. End.

March

June

Sept.

Dec.

U n i t e d S ta t e s R e a l t y & I m p r o v e m e n t C o ., N . Y . —
Statement.— C h a irm a n H . S . B la c k is q u o te d as s a y in g :
For a year or m ore past conditions in building and real estato have been
bad, but recently there has been an improvem ent and I believe wo have
turned tho corner. W ithin tho last threo weeks wo booked m ore business
In new building than in tho preceding six or sovon m onths. Real estato
Is also showing signs o f recovery. It looks as though tho building and
real estato branches, which seem to be tho first to experience depression and
tho last to recover, will prospor with other lines o f trade.— V. 100, p . 1828.

V i c t o r i a W h a l i n g C o .— Purchase.— Seo Canadian N orth Pacific Fisheries, L td ., above.

W e lls , F a r g o & C o ., N . Y . — Domestic Rev.— In cr. in Rates.
Seo “ Express Companies

under "R ep orts” abovo.— V . 101, p . 292.

W e ls b a c h C o m p a n y , G lo u c e s t e r C i t y , N . J . — Earns.—

Calendar Year

—
1914.
Gross p rofits............................................
$747,814
Bond interest__________________________
338,738
Sinking fund................ - ............ .............
105,360
D ep reciation ....... ....................................
52,620
Preferred dividends (7 % )___________
85,750
Com m on dividends (2 % )____________
70,000

1913.
$797,674
335,865
105,360
53,364
85,750
70,000

1912.
$875,772
3.32,804
105,360
56,588
85,750
70,000

T otal deductions.........................
$642,468
$650,839
$650,502
Balance, surplus_______________________
$95,346
$146,835
$225,270
President Sidney M asa, M ar. 18 1915, says that tho trustees under tho
m ortgago havo purchased since last report, for account o f tho sinking fund,
Including purchaso M ar. 1 1915, $284,300 collateral trust 5 % bonds, making
total bonds purchased to dato $3,391,100— V. 100, p. 985.

W e s t O r a n g e (N . J . ) W a t e r C o .— Proposed Sale to City.—
Seo “ W est Orango” in "S ta te and C ity ” Departm ent.

W e s t P e n n T r a c t i o n C o .— Stock.—
Seo Am erican W ater W orks & Guaranteo C o. abovo.— V . 99, p. 895.

W e s t in g h o u s e E l e c t r i c & M fg . C o .— Rifle Order.—
C h a irm a n G u y E . T r i p p o n J u l y 29 said:
Our proposal for an additional order for rifles has been accopted and tho
details o f the form al contract are now under discussion. [Another director
is reported as saying that tho order would probably cover 800,000 weapons,
leaving open an option on 200,000 m ore. Tho first riflo order signed in
April is said to have aggregated 1,000,000 rifles.— E d.)— V .1 0 1 ,p .l3 6 , 52.

W h e e l in g ( W . V a . ) S te e l & I r o n C o .— N ew Bonds Offered.
— T h o C o lo n ia l T r u s t C o ., P itt s b u r g h , a n d H a y d e n , M ille r
& C o ., C le v e la n d , a ro o ffe rin g a t p a r a n d in t ., b y a d v . on
a n o th e r p a g o, th o u n s o ld b a la n ce (less th a n a t h ir d ) o f a n
issuo o f $2,500,000 1st M . 6 % se ria l g o ld b o n d s d a te d J u l y 1
1915 a n d p a y a b le in a n n u a l in s ta llm e n ts o n J u l y 1 1918 to
1939, $150,000 y e a r ly 1918 to 1923 in c lu s iv e , th e re a fte r
$100,000 y e a r l y . A c irc u la r sh o w s:
Authorized. $5,000,000: outstanding, $2,500,000. Interest J. & J. at
tho Colonial T rust C o ., tho m ortgago trusteo, Pittsburgh, or its agency in
N . Y . D onom . $1,000 c*& r*. Tho com pany will pay tho normal Federal
incom o tax. Pennsylvania Stato tax refunded. Redeemable on any
interest dato on 60 days’ notico at 103 and int., but, if less than the entire
issuo is called, tho last maturing bonds shall bo first redeemed. A n abso­
lute first mtge. on all real estato and plants now owned or hereafter acquired.
Tho reserved bonds m ay bo issued only for 75% o f tho actual cost o f
additions, and after tho com pany shall havo sold $1,300,000 o f its stock at
not less than par, and tho proceeds oxpended on now Improvements or held




375

Security

Yearly Capacity.

3 blastfu rn a ces______________________________________________ 250,000 tons
1 bessemer steel p lan t_________________________________________ 225.000 “
1 skelp plant containing three trains o f rolls____________________ 150,000 “
1 tube plant containing 3butt-weld and 2 lap-weld fu rn a ces.. 120,000
“
1 tin-plate plant, containing 12 h ot mills, 12 cold mills and
finishing equipm ent............... ........................ .............................. 50,000 “
Tho bonds will bo further secured by pledge o f all the shares o f stock owned
In tho following companies: Reserve M ining C o ., La Rue M ining C o .,
Castilo M ining C o ., F ort Henry M ining C o ., Hubbard Steamship C o .,
Bessemer Limestone C o ., the M arble C liff Quarries C o. Also all o f tho
capital stock o f tho W heeling C oke C o ., which owns free and clear o f in­
cumbrances, 1,000 acres o f thick vein Connellsville coking coal, with ap­
proxim ately 300 acres o f surface located in Fayette C ounty, P a., on the
M onongahela River and the P . & L. E . R R . Through ownership o f these
stocks, the com pany has insured its future supply o f raw matreials.
T h o conservative appraisal m ado b y Julian Kennedy and H . G . D alton
shows t.io property valuation, including the proceeds o f this issue o f bonds,
to be well in excess o f $10,000,000 [against these $2,500,000 o f bonds].
/
.— From the proceeds o f these bonds, we plan, subject to
the approval o f the trusteo. to construct (a) a new com bined sheet-bar and
skelp mill [at Bonwood, W . Va.] on which will be rolled skelp for the tu be
department as well as tho bars for the tin-plate mill; (b) remodel in part and
enlarge tho present tubeplant (atB enw ood, W . Va.], thereby increasing its
capacity from 120,000 to 150,000 tons per annum; (c) add to our present
tii'-P 'at plant at Yorkville, Ohio, 12 hot mills and 12 cold mills, togother
with tho necessary finishing equipment, thus doubling that unit and increas­
ing its capacity from approxim ately 1,000,000 base boxes to 2,000,000 base
boxes o f coated plate per annum.
T he foregoing improvements contem plate an increase in our finishing
capacity to a point perm itting o f tho use in the com pany’s plants, o f the
entire output o f its furnaces and steel plant, thus obviating the necessity
o f marketing in the raw or semi-finished condition practically one-half o f
the output o f the steel plant, which we aro now com pelled to do.
.— The net earnings o f the com pany from tho time o f its organiza­
tion in 1892, to D ec. 31 1914. 22 2-3 years, after allowing for depreciation,
were $10,673,913, averaging in excess o f $470,000 per annum, or over three
times tho interest on these bonds, while the earnings for the past six years
as certified by Price, W aterhouse & C o ., havo averaged $554,415 per
annum, or approxim ately four times tho interest charges. T o the abovo
earnings, the tin-plate plant contributed very little, due to the fact that it
was only recently put into active operation. W e aro quite convinced that
under normal conditions and after the improvements and enlargements
suggested in tho foregoing have been m ade, that the com pany will earn
at least $1,000,000 per annum.
31 1915
[substituting appraised values o f property and giving effect to bond issue.]
($11,170.063)— Real estate, plant, coking properties, & c.,
togother witii additions and improvements to bo mado from
proceeds o f bonds__________________________________________ $6,689,250
Interests in other cos. (ore in ground, ore steamship, & c., at
appraised values)______________
1,434,567
Inventories o f materials, finished products, & c
________ 1,823,749
A d vanco paym ents on ore co n tra cts ............................................
398,318
B ills, accounts receivable and cash.................................................
780,793
Deferred charges__________
.
___
43,386
($11,170,063)— Capital s t o c k .I _____________
...$ 6 ,1 9 5 ,4 0 0
B onded d e b t--------------------------------------------2,500,000
A ccoun ts payable, $254,667: divs. payable, S61.954; interest
and taxes accrued, $21,057;tota l___________________________
337,678
Surplus, after giving effect to revaluation o f capital assets___ 2,136,985
Our financial interests in tho ore and limestone properties insure us a
steady sourco o f supply o f these com m odities for m any years to com e,
which together with our blast furnaces and stool plant capacity, renders
us self-contained to an extent enjoyed b y very few o f our com petitors.
— I. M . S cott, C . R . H ubbard, W m . F . Stifel. E dw . Hazlett,
E C . E wing, R obert H azlett, II. H . Ilornbrook, G eo. E . Stifel, E. W .
O glebay, W . A . Isett, J . J. H ollow ay, F. W . Henderson and B . Walke_
Petorson.
r
[All o f tho outstanding 150 5 % bonds o f 1899 have been called for p a y ­
m ent at par and int. on Sept. 1 at N ational Exchango Bank. W heeling,
W . V a.]— V . 101, p. 52.

urpose of Issue

Earnmys

Balance Sheet Prepared by Price, Waterhouse & Co. as of May
Assets

Liabilities

Directors.

Wisconsin Gas & Electric Co., Racine.— Stock.—

T he Wisconsin R R . Commission has authorized tho com pany to increase
its authorized capital stock from $2,000,000, ail o f one class, to $3,750,000,
to consist o f not over $2,750,000 com m on and $1,000,000 6 % cum . pref.,
par o f shares $100. T ho new stock m ay bo issued from time to time as
required. See N orth American C o. under “ R eports” above.— V . 97, p . 528.

World Film Corporation, N. Y.—First

Report.—

T h e first annual report, covering the year ended Juno 27 1915, shows total
not profits o f $329,025 (after all costs, charges for depreciation, & c.), prac­
tically all o f which was earned during the second half o f tho year. O f this
amount, tho W orld Filin C orp. earned $185,292 and tho Peerless Features
Producing C o. $14.3,733. The balance sheet shows that tho W orld C o. has
outstanding $2,500,000 capital stock in $5 shares, and a funded debt o f
$98,000. Contracts for tho production abroad o f pictures previously used
in this country are just beginning to bring in profits. An im portant co n ­
tract has also been made with tho Equitable M otion Pictures Corporation
(V . 101, p. 134). T ho officers are: George B. C ox, President: Joseph L.
R hinock, Leo Sliubert and Lewis J. Selznick, (Gen. M gr.) Vice-Presidents;
Briton N . Busch, Sec.-Treas.— V.100, p. 2173, 1843.

.

Worcester (Mass.) Gas Light Co.— Bonds

Proposed.—

T h e stockholders havo authorized tho directors to apply to tho M ass. Gas
& E l. L t. Commission for authority to issuo $1,000,000 bonds to take up
prfnussory notes issued on account o f improvem ents. Capital stock
authorized and outstanding June 30 1914, $1,400,000. Dividends 12%
per a n., Q .-J. N o bonds. Compare V . 97, p . 1515.

Xenia (O.) Water Co.— Stock.—
T ho com pany, incorporated in Ohio 1887, has increased its capital stock
from $200,000 (all outstanding) to $300,000. 1st M . 5 % bonds authorized,
$200,000; outstanding, at last accounts, $160,000, duo 1919, int. F . & A .
at International Trust C o ., Boston, trusteo. Pres. Georgo L ittle: Sec. &
Treas., G eo. F. C ooper.
C U R R E N T N O T IC E .
— T h e report o f the United States stockholders’ p rotective com m ittee
o f tho Dom inion Trust C o ., dated Juno 1 1915, was recently printed for
distribution. Irving O. H unt, Turks Head Building, Providence, is counsel
for tho com m itteo. T ho com pany had a number o f investments in other
companies which wero carried on its books substantially as follows: British
Colum bia Securities C o ., L td ., $1,245,228; Colum bia V alley Orchards, L td .,
$318,382; Soym our Arms Estates, L td ., S549.879; V ancouver Industrial
Sites, L td ., $70,398; Central Okanagan Lands. L td ., $564,276; AIvo von
Alvensleban, L td ., $499,976; W estern Canada C ity Properties, L td .,
$312,961; Grando Prairio Syndicate, L td ., $9,970; total, $3,571,070.
There was also invested b y clients in tho above companies tho sum o f $622,­
427. A brief description is given in tho report o f each o f these com panies.
— Spencer Trask
C o ., N ew Y ork , havo Just issued the Fourteenth
E dition o f their Convertible B ond Circular. This circular describes
convertible bonds besides giving tho latest inform ation on all tho im portant
issues.

&

&

-Outwater
W ells o f Jersey C ity havo purchased an Issue o f $1,050,000
H udson C ounty, N . J ., 4 K % bonds which they aro offering on a' basis to
yield l

4 %%.

THE CHRONICLE

37(5

lVol. 101.

ffteptrrts attd j^amtumts.
BROOKLYN RAPID TRANSIT COMPANY
R E P O R T O F T H E B O A R D O F D IR E C T O R S T O T H E S T O C K H O L D E R S — F O R Y E A R
85 Clinton Street,
Brooklyn, N . Y ., July 27 1915.
T l i o pa sso n go r e a rn in g s o f th o s y s te m f o r th o y e a r e n d in g
J u n o 30 1915 (e x c lu d in g f o r th o p u rp o se o f th is c o m p a riso n
th e n e w ly a c q u ire d C o n o y Is la n d & B r o o k ly n R a ilro a d C o m ­
p a n y ’s L in o s ) fa ile d f o r th o f ir s t tim e in th o h is t o r y o f th o
B r o o k ly n R a p id T r a n s it C o m p a n y to s h o w a s u b s ta n tia l
in cro aso o v o r th o pa sse n g or e a rn in g s o f th o p re c e d in g y e a r,
a n d in s to a d th e re w a s a doorcase. T h o r o w o re tw o m a in
causes fo r th is re s u lt:
First — T h o g e n e ra l de p re ssio n in bu sin ess a n d in d u s t r y
a ffe c tin g B r o o k ly n as w e ll as o th e r p o rtio n s o f th o c o u n t ry ,
re flo a te d in a la rg o n u m b e r o f m o n a n d w o m e n o u t o f w o r k
a n d a to n d o n c y to w a rd s e c o n o m y in e xp e n d itu re s .
Second — T h e v o r y lib e ra l in cre a se in tra n s fe r fa c ilitie s w h ic h
w e n t in to o ffo ct o n J u n o 1 1914 u n d e r o rd e r o f th o P u b lic
S o rvic o C o m m is s io n , w h e re b y th o to ta l n u m b o r o f tra n s fe r
p o in ts o n s u rfa c e ra ilro a d s in th o s y s te m w a s in cre a se d fi’o m
721 to 1,008. T h o fir s t y e a r o f o p e ra tio n u n d e r th is o rd e r
sh o w s a n in cre a se o f 10,552,274 tra n s fo r passengers c a rrie d ,
a n d a docrcaso o f 2,141,700 cash passongors. T h i s s itu a tio n
p re s e n te d n o t m o re ly a loss in ro v o n u o b u t o cca sio ned a n
in cro a so in oxponso b y ro a so n o f th o in cre a se d s e rvic o re ­
q u ire d f o r th o tra n s p o rta tio n o f th o la rg o n u m b o r o f a d d i­
tio n a l tra n s fo r p a ssen gers.
T h o fig u re s as g iv e n in th o y e a r ’s a c c o u n ts , h o w e v e r, a n d
as h e re w ith ro p o rto d , s h o w a n in crea so o f 8809,437 06 in
p assongor a n d o th e r e a rn in g s, d u o to th o in c lu s io n o f th o
o p e ra tio n s o f th o C o n o y Is la n d & B r o o k ly n R a ilro a d C o m ­
p a n y f o r th o e n tiro fis ca l y e a r as a g a in s t s ix m o n th s ’ o p e ra ­
tio n o f tlio so lin o s d u rin g th o p re c e d in g fis ca l y e a r. T h o in ­
creaso in o p e ra tin g oxpensos w a s $905,828 71, o f w h ic h $456,­
018 38 (n e a rly h a lf) w a s d u o to. ch a rg e s to m a in te n a n c e o f
w a y a n d s tru c tu re a n d m a in to n a n c o o f e q u ip m e n t, a n d $267,­
551 52 to tra in m e n ’s w a ge s.
In to re s t ch a rg e s w e ro re d u c e d b y th o c o n v e rs io n o f R e ­
fu n d in g B o n d s in to s to c k , a n d w e ro s o m e w h a t in cre a se d b y
ra p id tra n s it im p ro v e m e n ts placod in o p e ra tio n . T h o n o t
re s u lt sh o w s a n in cre a so o f $196,856 26 in n o t in co m e , a n d
in a d d itio n th o s y s to m ’s re s e rve s f o r d e p re c ia tio n w e ro c re d ­
ite d w it h $256,384 55, as a g a in s t a d o b it in th e p re c e d in g
y e a r o f $53,190 75.
D iv id e n d s a t th o ra te o f 6 p o r c e n t w o ro p a id o n th o a m o u n t
o f c a p ita l s to c k o u ts ta n d in g d u rin g th o y o a r, n a m o ly , $74,­
520,000, le a v in g a s u rp lu s f o r th o y o a r o v o r d iv id e n d re q u ire ­
m e n ts o f $1,045,243 12.
A s u m m a ry o f th o fin a n c ia l ro s u lts is g iv o n in th o fo llo w ­
in g ta b le :
C O M P A R A T IV E S T A T E M E N T OF T H E R ESU LTS OF T H E O P E R A ­
T IO N S OF T H E RROOICLYN R A P ID T R A N S IT S Y S T E M
FO R Y E A R S E N D IN G JU N E 30 1915 A N D 1914.
(+ )
1915.
1914.
(— ).
S
S
§
Gross Earnings from O p ora t'n .20,427,686 60 25,558,249 60
+ 869,437 06
Operating Expenses__________ 14,960,381 37 13,994,552 66
+ 965,828 7 1
N et Earnings from Operat’n 11,467,305 29 11,563,696 94
— 96,391 65
Incom e from Other Sources—
438,715 01
451,771 65
— 13,056 64
T otal Incom o_______ _______i f , 906,020 30 12,015,468 59
— 1097448 29
Less Taxes and Fixed Charges. 6,393,459 18 6,699,703 73
— 306,304 55
N et In com o_____ __________ 5,512,561 12 5)315,704_86
+ 196,856 26
Surplus at Ueginning o f Y ea r. 9,732,588 50 7,904,600 63 + 1,827,981 87
C onoy Island & Brooklyn R R .
C o .’s Surplus at time o f ac­
q u is it io n .._____ ___________
- ..................
506,625 76
— 506,625 76
T o ta l.......................................... 15,245,149 62 13,726,937 25' + 1,518,212 37
Other Credits to Surplus dur­
ing year—
Miscellaneous Itom s_______
4,131 20
30,653 36
— 26,522 10
Settlement o f Brooklyn C ity
R R . C o .'s Suit..................................... ........
582,566 72
— 582,566 72
Sale o f easement South
Brooklyn R ’y C o ......... ..
....................
738,980 59
— 738,986 59
T otal-------------------------------15,249,280 82 15,079,143 9 2 '
+ 170,136 90
O f this amount thero has been
appropriated:
A ccounts written o ff_______
12,327 56
2,315 30
+ 10 ,01 2 26
Adjustm ent o f Taxes prior
years____________________
_____ _____
10,801 78
— 10,801 78
Adjustm ent o f Expenses
prior years______________
3 5 ,OSS 74
*948 67
+ 36 ,03 7 41
Supercession & D epreciat'n .
45,062 12
174,339 01 — 129,276 89
Am ount set asido as Reservo ___________
1,500,000 06 — 1,506,006 00
Loss from operation o f Em ­
ployees’ Restaurants____
9,445 97
___________
+ 9 ,4 4 5 97
Loss from operation o f Sur­
face Cars over Alanhattan
Bridge________ __________
58,071 98
.....................
+ 58,071 98
D ividend on B . R . T . C o .’s
S tockoutstanding_______ 4,467,318 00 3,660,018 00
+ 807,270 00

Increase
Decrease

Total A ppropriations......... ..

4,627,314 37

Balance Sheet Surplus............. 10,621,966 45

or

5,346,555 42

— 719,241 05

9,732,588 50

+889,377 95

♦Credit.

P R O G R E S S O F W O R K O N R A P ID T R A N S IT L IN E S
U N D E R C O N TR A C TS W IT H T H E C IT Y .
U n d e r th e c o n tra c ts o f M a r c h 19 1913, b o tw o o n th o C i t y o f
N o w Y o r k a n d th o N o w Y o r k M u n ic ip a l R a ilw a y C o rp o ra ­
tio n (a c o n s titu e n t c o m p a n y o f th o B r o o k ly n R a p id T r a n s it
S y s te m ), th o c i t y is to o xp o n d u p w a rd o f $100,000,000 in th o
c o n s tru c tio n o f ra p id tra n s it lin e s , a n d th o C o m p a n y is to



E N D I N G J U N E 30 1915.

e xp e n d in c o n trib u tio n to w a rd th o co st o f su c h lin o s a n d in th o
e q u ip m e n t th e re o f, a n d in e xte n s io n s, o n la rg e m o n ts a n d re ­
c o n s tru c tio n o f e x is tin g ra p id tra n s it ra ilro a d s , a b o u t $65,­
000,000. T h o c o n tra c ts c o n te m p la te d t h a t a ll o f thoso n o w
lin o s, a n d th o o xto n s io n a n d re -c o n s tru c tio n o f o x is tin g lin o s,
s h o u ld be c o m p le te d a n d re a d y fo r o p e ra tio n o n th o f ir s t d a y
o f J a n u a r y , 1917. M o r e th a n h a lf o f th is p e rio d h as n o w
olapsed, a n d i t lo o k s as if th o m o s t im p o rta n t p a rt o f th o e n ­
la rg e d s y s te m w o u ld n o t bo re a d y f o r o p e ra tio n u n t il a c o n ­
s id e ra b ly la te r d a to th a n J a n . 1 1917. T h o c h ie f lin o , in th o
c o n s id e ra tio n o f n o t ro v o n u o , is, o f c o u rse , th e B r o a d w a y M a n h a tt a n S u b w a y , w it h its c o n n e c tio n s to Q u ee n s a n d
B r o o k ly n . R a p id p ro g re s s h as been m a d e o n tho so se ctio ns
b e tw o o n T r i n i t y P la c o a n d 2 6 th S tre o t, som e o f th e m b e in g
n e a r ly c o m p le te d , a n d a ll a re a t le a st th re e -q u a rto rs b u ilt .
I n th o caso o f th o o th e r s e ctio n , h o w o v o r, th o c o n tra c to r is
n o t re q u ire d to fin is h u n t il som o m o n th s a fte r J a n . 1 1917,
a n d th o so-ca lled T im e s -S q u a ro se ctio n has n o t y o t been lo t.
T h o B o a rd o f E s t im a te h a s de cid e d to m a k o th o c o n n e c tio n
w it h th o Q u ee n s linos b y a tu n n e l u n d e r th e r iv e r in s te a d o f
o v o r th o Q u c o n s b o ro u g h B rid g o , w h ic h w ill m e a n f u r t h e r dola y , a n d in th o caso o f th o E a s t R i v e r tu n n e l fro m th e B a t ­
t e r y to B r o o k ly n th o c o n tra c to r h as u n t il J a n . 16 1918 to
c o m p le te . T h e r o is n o w a y o f o p e ra tin g th o B r o a d w a y S u b ­
w a y , o vo n as to th o so se ctio ns w h ic h m a y bo c o m p le te d o n
sch e d u le d tim o , u n t il c o n n e c tio n s a re r e a d y f o r o p e ra tio n be­
tw e e n th is lin o a n d e ith e r B r o o k ly n o r Q u e o n s, f o r th e ro is
n o o th e r w a y o f g e ttin g e q u ip m e n t in to th o s u b w a y . O b v i­
o u s ly , it w ill n o t bo d e sira b le to p o stp o n o th o o p e ra tio n o f th o
B ro a d w a y S u b w a y u n t il th e E a s t R i v o r tu n n e l fro m th o B a t ­
t e r y to B r o o k ly n is r e a d y fo r o p e ra tio n , o r u n t il th o co n n e c­
tio n is m a d e to Q ueons, e ith e r o v e r th o re -c o n s tru c te d Q u e e n sb o ro u g h B rid g o o r th ro u g h a t u n n e l, a n d th o o n ly lio p o o f o b ­
ta in in g o vo n a p a rtia l o p e ra tio n o f th o B r o a d w a y S u b w a y is
b y th e sp e e d y c o m p le tio n o f th o c o n n e c tio n o n C a n a l S tre o t
w it h th o M a n h a tt a n B rid g o , a n d th o c o n tra c to r fo r th is sec­
tio n has u n t il M a r c h 16 1917 f o r th o p e rfo rm a n c e o f h is c o n ­
t ra c t . I f th is s h o rt se ctio n c o u ld bo co m p lo to d in a d va n c e
o f th o tim o s tip u la te d in th o c o n tra c t, th a t p o rtio n o f th o
B r o a d w a y L in o b o tw e o n lo w e r M a n h a tt a n a n d p ro b a b ly 3 4 th
S tre o t c o u ld bo placod in o p e ra tio n s h o r t ly a fte r J a n . 1 1917.
T h o p ro sp o c t, h o w o v o r, is t h a t a la rg o p a r t o f th o C i t y ’s
in v o s tm o n t in th o B r o a d w a y S u b w a y (p ro b a b ly n o t loss th a n
$20,000,000) w ill ro m a in id le , o w in g to th o d o la y in lo ttin g
c o n tra c ts f o r c e rta in se ctio n s, w it h th o tro b lo re s u lts o f
F i r s t , a d d in g to th o co st o f c o n s tru c tio n b y th o in to re s t o n
th o id lo in v e s tm e n t;
__
S e co nd , w ith h o ld in g fro m jo in t a c c o u n t th o n o t ro vo n u o
w h ic h w o u ld com o fro m th o o p e ra tio n o f th o lin o , a n d
T h i r d , d e p riv in g th o p e o p le o f th o im p ro v o d m oa n s o f
tra n s p o rta tio n .
M o ro o v o r, n o c o n tra c t has y o t boon le t fo r tw o c o m p a ra ­
t iv e l y s h o rt se ctio ns o f s u b w a y w h ic h w ill c o n n e c t th o B r ig h ­
to n B e a c h L in o w it h th o M a n h a tt a n B rid g o a n d C o n tre S tre o t
L o o p — a sim p le o xto n sio n o f fa c ilitie s w h ic h w o u ld bo o f g re a t
a d v a n ta g e to th o s ix m ile s o f t r ib u t a r y p o p u la tio n b o tw e o n
P ro s p e c t P a r k a n d S heopshoad B a y .
N o r has a n y c o n tra c t been le t f o r tho 14th S tro o t-E a s to rn
L in o , w h ic h w ill bo o f tre m e n d o u s b o n o fit to th e p cop lo o f
th o E a s te rn D is t r ic t o f B r o o k ly n (n o w d o p riv o d o f ra p id
t r a n s it ) . A p o rtio n o f th is ro u te has n o t y o t o vo n boon le g a l­
iz e d .
T h o c o m p a n y , o n th o o th e r h a n d , h as procoodod as o xp o d itio u s ly as co n d itio n s w o u ld a llo w to c a r r y o u t its o b lig a tio n s
to th o C i t y . I t w ill bo ro m e m b e re d t h a t th e c o n tra c ts m a d e
n e c e ss a ry th e a p p ro v a l o f th o P u b lic S o rvic o C o m m is s io n to
o v o r y d o ta il o f c o n s tru c tio n a n d e q u ip m e n t w o r k p e rfo rm e d
b y u s, w h o th o r o n o u r o w n lin os o r o n tho so o f th o C i t y .
E v e r y p la n , o v e ry fo rm o f c o n tra c t, o v e r y a w a rd o f c o n tra c t,
a n d o v e r y d o lla r o f o x p e n d itu ro a ro s u b je c t to th e C o m m is ­
s io n ’s s c r u t in y , a n d m u s t bo a p p ro v e d b y th o C o m m is s io n in
a d va n c e . T h is a rra n g e m e n t m a ke s f o r g re a t d o la y , a n d in
som e cases th o C o m m is s io n has ta k e n m a n y m o n th s to c o n ­
s id e r c o n tra c ts s u b m itte d to i t w h ic h s h o u ld h a v o ta k o n a fo w
d a y s o r a t th o m o s t a fo w w e e k s .
U n d e r theso c o n d itio n s
o u r p ro g re s s is n o c e s s a rily s lo w , o ve n in th o o xto n sio n a n d
e n la rg e m e n t o f o u r o w n fa c ilitie s , a n d w o c a n n o t, o f co u rso ,
pro ce e d w it h th o e q u ip m e n t o f th o C it y - o w n e d lin o s u n t il
t h e y a ro s u b s ta n tia lly c o m p lo to d .
T h i s e n tiro s itu a tio n in v o lv e s sorio u s conseq uences, b o th to
th o C i t y a n d to th o C o m p a n y , o th o r th a n th o s u b s ta n tia l in ­
creaso o f costs w h ic h d e la y a lw a y s o cca sio ns. A t th e tim o
th o c o n tra c ts w it h th o C i t y w e ro m ad o i t w a s th o o xp o c ta tio n
o f b o th p a rtio s , fo u n d e d u p o n c a ro fu l o x p e rt e x a m in a tio n ,
th a t, w h ilo fo r a fe w y e a rs a fto r in itia l o p e ra tio n th o e n la rg e d
s ys te m w h ic h one o f o u r co m p a n ie s is to o p o ra to w o u ld n o t
e a rn fu ll in to re s t o n b o th tho C i t y ’s a n d th o C o m p a n y ’s in ­
v e s tm e n t, it w o u ld in a c o m p a ra tiv e ly s h o rt tim o bo solfs u p p o rtin g a n d th o C i t y w o u ld th o u h a v o a d d e d to its b o rro w ­
in g c a p a c ity u p w a rd s o f one h u n d re d m illio n s o f d o lla rs , a n d
in a d d itio n bo th e re c ip ie n t o f o n o -h a lf o f th o d iv is ib le p ro fits .

July

31 1915.]

377

THE CHRONICLE

T h a t e x p e c ta tio n w a s based u p o n th e a s s u m p tio n t h a t a ll
th e e n la rg o d s y s te m w o u ld bo p la c e d in o p e ra tio n o n o r bofo ro J a n . 1 1917, w h e re a s i t lo o k s n o w a s if o n ly th e less p ro f­
ita b le , o r th e u n p ro fita b le , n e w lin e s w o u ld th o n b o in o p e ra ­
tio n , a n d t h a t th e re tu rn s fro m th e p ro fita b le lin e s w o u ld
b o in d e fin ite ly d o la ye d . I n th o p re s e n t fin a n c ia l c o n d itio n
o f th o C i t y , th is re s u lt w ill m e a n n o t o n ly th a t th e C i t y ’s
c re d it w ill in th e in te rv e n in g p o rio d bo to o closo to th e d o b t
lim it to p o rm it o f e xp e n d itu re s f o r o th e r m u n ic ip a l im p ro v e r
m e n ts , b u t th a t th o t a x p a y e rs w ill b e ca lle d u p o n f o r a lo n g e r
p e rio d to m a k o u p m o ro s u b s ta n tia l d e fic its th a n w e ro o rig i­
n a lly c o n te m p la te d , a n d th is a t a tim e w h e n ta xe s a re a p a r­
t ic u la r ly h e a v y b u rd e n . I t is tru o t h a t b y th e te rm s o f th e
c o n tra s ts in to w h ic h w o h a v o e n te re d w it h th o C i t y , these
d o fic its in m o o tin g th o C i t y ’s in te re s t d u rin g te m p o ra ry o p e r­
a tio n a re , c o n t r a r y to a ll ru le s w h ic h a p p ly to p u b lic s o rvic o
c o rp o ra tio n s g e n e ra lly th ro u g h o u t th o c o u n t ry , ch a rg e a b le
to th o C i t y ’s c o n s tru c tio n a c c o u n t, b u t t h e y m u s t be p a id
b y th e C i t y e ith e r th ro u g h d ire c t ta x a tio n o r th ro u g h th e
issue o f a d d itio n a l c o rp o ra te s to c k n o t h e re to fo re set a side
f o r ra p id tra n s it p u rp o se s, a n d to th o e x te n t th a t a d d itio n a l
c o rp o ra te s to c k is issued f o r these d o fic its o th e r m u n ic ip a l
im p ro v e m e n ts m u s t be p o s tp o n e d , o r in som e w a y n o t n o w
d is c e rn ib le , th o C i t y ’s d e b t-m a k in g p o w e r m u s t b e e xp a n d e d .
I n th o case o f th e C o m p a n y , w h ile i t is a ssu re d o f its p re fe r­
e n t i a l if e a rn e d , it m u s t c h a rg e a g a in s t e a rn in g s its n e w in ­
v e s tm e n t as p u t in to o p e ra tio n , a n d if th is in v e s tm e n t is
re p re se n te d , as it w ill bo v e r y la rg e ly f o r th e f ir s t fe w y e a rs ,
in c o n s tru c tio n a n d e q u ip m e n t w o r k o n lin e s w h ic h a re th e
le a s t h o p e fu l as m o n e y-e a rn e rs , its n e t in c o m e w ill d im in is h .
I t is e x tro m o ly e sse n tia l, th e re fo re , fro m th e p o in t o f v ie w
o f tho C i t y a n d its peo ple, as w e ll as fo r th e in te re s ts o f th o
C o m p a n y , t h a t e v e r y o ffo rt b e m a d o to e xp e d ite th e co m p le ­
tio n o f a ll these n o w ra p id tra n s it fa c ilitie s , a n d th o fa c ts a re
s ta te d a n d g iv e n em ph asis in th is ro p o rt because o f o u r v e r y
sin ce re c o n v ic tio n t h a t n o ith o r p u b lic o ffic ia ls , t a x p a y e rs n o r
p r o p e rt y o w n e rs s u ffic ie n tly a p p re c ia te th e p re s e n t s itu a tio n
a n d its conseq uences.
T h o fo llo w in g is a s yn o p sis o f th e p ro g re ss o f ra p id tra n s it
w o r k d u rin g th e y e a r so fa r as o u r re la tio n to i t is co n ce rn e d :

Ja m a ic a Avenue Elevated Extension.

C o n tr a c t f o r th o ste e l s tru c tu re o f S e ctio n I o f th is lin o w a s
lo t in M a r c h 1915, a n d c o n tra c t re q u ire s c o m p le tio n th e re o f
b y F e b r u a r y 1916. S e c tio n I is a b o u t o n e -h a lf o f th o to ta l
lin o , e x te n d in g fro m C y p re s s H ills to R ic h m o n d H i ll . P la n s
f o r th o seco nd s e c tio n a ro a w a itin g a d e fin ite d e te rm in a tio n
w it h ro fo re n co to s tre e t lin e s , to be fix e d b y th e C i t y , w h ic h
has a lso ca u sed som e d e la y to S e c tio n I .
A d dition al T racks, E xistin g L in es.

T h o th ird - t ra c k in g w o r k o n F u lt o n S tre e t, fro m S a c k m a n
S tre o t to N o s t ra n d A v e n u e , has been p ra c tic a lly c o m p le te d
so f a r as e re c tio n o f s tru c tu re is co n ce rn e d . C o n tr a c t f o r
s ta tio n s h a s be e n le t, a ll o f w h ic h w ill p ro b a b ly b e co m p le te d
b o fo re th o o n d o f th o c a le n d a r y e a r. T h e w o r k o n th e lo w e r
s e c tio n , fro m N o s t ra n d A v e n u e to th o B r o o k ly n B rid g e , is
a w a itin g th e a p p ro v a l o f p la n s b y th e P u b lic S e rv ic e C o m ­
m is s io n .
T h o t h ird - t ra c k in g w o r k o n B r o a d w a y , f o r t h a t p o r tio n
b e tw e e n H a v e m e y e r S tre e t a n d M y r t l e A v e n u e , is w e ll u n d e r
w a y a n d w ill p r o b a b ly b e co m p le te d b y th e e n d o f th is c a le n ­
d a r y e a r. S te e l f o r th e seco nd s e c tio n , fro m M y r t l e A v e n u e
to E a s t N o w Y o r k , is b e in g fa b ric a te d , a p o rtio n o f w h ic h is
b e in g d e liv e re d .
P la n s f o r th o th ird - t ra c k in g o f th e M y r t l e A v e n u e L in e w e re
a p p ro v e d b y th e P u b lic S e rv ic e C o m m is s io n w it h in a fe w
d a y s , a n d b id s f o r c o n s tru c tio n w ill soo n b e in v ite d .
C ar Equipm ent.

A t o ta l o f 300 ca rs h a v o be e n o rd e re d , 160 o f w h ic h h a v e
b e e n d e liv e re d , 100 o f th e la t t e r b e in g n o w e q u ip p e d a n d
in o p e ra tio n .
D e li v o r y o f th o re m a in in g 140 c a rs w ill b e m a d o d u rin g
th o p re s e n t c a le n d a r y e a r.
Sign al Equipm ent.

I n a d d itio n to th e s ig n a lin g c o n tra c te d f o r w it h re fe re n c e
to C e n tre S tre e t L o o p , c o n tra c t h a s be e n closed w h ic h w ill
c o v e r s ig n a lin g f o r p ra c tic a lly a ll th e ra p id tra n s it lin e s in ­
v o lv e d in c o n tra c t w it h th e c it y . T h is c o n tra c t p ro v id e s
f o r im m e d ia te in s ta lla tio n o f s ig n a lin g as c o n s tru c tio n w o r k
p ro ce e d s, a n d a lso p ro v id e s f o r th e c o n tra c to r m a k in g c e r­
Centre Street Loop.
ta in e xp e rim e n ts w it h a s y s te m o f C a b S ig n a l a n d Speed
T h e w o r k o f re -c o n s tru c tio n o f tra c k s a n d s tru c tu re s in C o n t r o l w h ic h , if s a tis fa c to ry , w ill m a r k a g re a t a d va n c e
C o n tro S tre e t L o o p , in c lu d e d in M o d if y in g A g re e m e n t N o . 2 o v o r s ig n a l m e th o d s h e re to fo re in use.
w it h th e C i t y , w a s c o m p le te d d u rin g th e y e a r, a n d e q u ip m e n t
Power A d dition s.
o f a ll fo u r tra c k s has been fin is h e d e xc e p t a c e rta in p o rtio n
N u m e ro u s a d d itio n s to p o w e r e q u ip m e n t w e re in s ta lle d
o f th e s ig n a llin g . T h o a d d itio n a l tra c k s w e re p la ce d in o p e r­
in
o
x
is
tin
g
s
u
b
-s
ta
tio
n
s , a n d tw o n e w s u b -s ta tio n s w e re c o n ­
a tio n fro m tim e to tim o d u rin g th o y e a r. A d d it io n a l p o w e r
e q u ip m e n t w a s also in s ta lle d in th o t e m p o ra ry s u b -s ta tio n a t s tru c te d , one a t 6 4 th S tre e t a n d F o u r t h A v e n u e , e q u ip p e d
w it h tw o 2,000 k .w . R o t a r y C o n v e rte rs , a n d o ne a t O z o n e
C o n tro a n d W a lk e r stre o ts.
P a r k , f o r th o n o w L i b e r t y A v e n u e L in e , e q u ip p e d w it h tw o
Thirty-eighth Street Construction.
1,000 k .w . R o t a r y C o n v e rte rs .
T h o w o r k o f c o n s tru c tio n in 3 8 th S tre e t, in th e B o ro u g h o f
N e w tra n s m is s io n lin e s w e re also in s ta lle d .
B r o o k ly n , in c lu d o d in M o d if y in g A g re e m e n t N o . 1 w it h th o
C i t y , has boon p ra c tic a lly c o m p le te d a t F o u r t h A v e n u e a n d
E X P E N D IT U R E S U N D E R C I T Y C O N T R A C T S .
3 8 tli S tre e t; th o re m a in in g w o r k b o tw o o n F i f t h a n d T o n t h
T h e N o w Y o r k M u n ic ip a l R a ilw a y C o r p o ra tio n ’s e xp e n d i­
a vo n u e s is w e ll u n d e r w a y a n d w ill b e co m p le te d d u rin g th e
tu re s f o r c o n s tru c tio n a n d e q u ip m e n t to J u n e 30 1915, u n d e r
p re s e n t c a le n d a r y e a r.
th e c i t y c o n tra c ts , w e re as fo llo w s :
Sea Beach L in e.
T h e re -c o n s tru c tio n o f th is lin o a n d th e e q u ip m e n t th e re o f On account o f contribution to city-ow ned lines...................... $10,582,892 05
w a s co m p le te d d u rin g th o p re s e n t fis c a l y e a r, e xc e p t s ta tio n On account o f equipment o f city-ow ned lines______________ 3,596,219 92
account o f additions, extensions and improvem ents o f
b u ild in g s , w h ic h w ill p ro b a b ly bo fin is h e d b e fo re a u tu m n . Onexisting
railroads__________________________________________ 15,831,747 81
T h o tra c k s b o tw e o n F o u r t h a n d N o w U t re c h t a ve n u e s w e ro
T o ta l........................ ................................................... ..................... $30,010,859 78
co m p le te d b y J a n . 1 1915, a n d b o tw e o n N e w U t r e c h t A v e n u e
a n d 8 6 th S tre o t b y M a y 1 1915. T h a t p o rtio n o f th o lin o
b o tw o e n 8 6 th S tre o t a n d C o n o y Is la n d has boon e q u ip p o d w it h R E S U L T S O F T E M P O R A R Y O P E R A T I O N O F R A P I D
T R A N S IT L IN E S U N D E R C I T Y C O N T R A C T S .
t h ir d ra il a n d te m p o ra ry to rm in a l fa c ilitie s p ro v id e d a t C o n e y
Is la n d . O p e ra tio n w it h n o w s u b w a y ca rs o v e r th is lin o w as
T h e a rra n g e m e n t w it h th e c i t y , w h e re b y th e p o o lin g o f
b o g u n o n J u n o 1 1915.
e a rn in g s b o tw e o n o x is tin g ra p id tra n s it lin e s w it h th e ir e x ­
te n sio n s a n d th e c ity -o w n e d lin e s w a s to g o in to e ffe c t as
Fourth Avenue Subway.
T h e C i t y co m p le te d d u rin g th o y o a r tra c k - la y in g in th is n o w lin e s a re a d d e d fro m tim e to tim e , w a s d e scrib e d in
s u b w a y , b o tw o o n th e M a n h a tt a n B rid g e a n d 6 5 th S tre e t, d e ta il in th e a n n u a l ro p o rt f o r th o p re c e d in g y e a r. T h is
to a n o x to n t t h a t p e rm itte d o p e ra tio n o n tw o tra c k s , w h ic h te m p o r a r y o p e ra tio n a n d p o o lin g b e g a n o n A u g u s t 4 1913,
w a s b o g u n J u n o 22, c o n n e c tin g a t 6 5 th S tre o t w it h th e Sea a n d th o re s u lts f o r th o y e a r e n d in g J u n e 30 1915 a n d f o r th e
B e a c h L in o , a n d fo rm in g in th is w a y a co m p le te ro u te fro m on t ire p e rio d fro m A u g u s t 4 1913 to J u n o 30 1915, a re g iv e n
C h a m b e rs S tre e t, M a n h a tta n , to C o n e y Is la n d , v ia F o u r t h b e lo w :
A v e n u e a n d th o Soa B e a c h L in e . T r a c k s a n d e q u ip m e n t o f R E S U L T OF OPE R ATIO N 'S OF N E W Y O R K C O N S O L ID A T E D R A IL ­
R O A D C O M PAN V , L E SSE E, U N D E R T H E P R O V ISIO N S OF
th o F o u r t h A v o n u o S u b w a y a ro in c o m p le te , a n d sig n a l e q u ip ­
C O N T R A C T N O . 4, D A T E D M A R C H 19 1913, B E T W E E N
m e n t has boon in s ta lle d o n o n ly a p o rtio n o f th o tw o tra c k s in
T H E N E W Y O R K M U N IC IP A L R A IL W A Y C O R P O ­
R A T IO N A N D T H E C I T Y OF N E W Y O R K .
o p e ra tio n . C o n n e c tio n s , h o w o v o r, h a v o been c o m p le te d a t
Year
For the4 Period
3 8 th S tre o t a n d F o u r t h A v e n u e to p o rm it ta k in g ca rs o u t o f
Ending
Aug.
1913 to
Revenue—•
June 30 1915. June 30 1915.
s e rvic e f o r in s p e c tio n .
Broadway-M yrlle Avenue Connection.

T h is c o n n e c tio n w a s c o m p le te d a n d o p e ra tio n th o re o v e r
b e g u n J u l y 29 1914.

_Lutheran

Cemetery L ine.

T h o m a in p o rtio n o f th is lin e w a s fin is h e d a n d o p e ra tio n
b o g u n o v e r th e sam o o n F o b . 22 1915. A t th e w e s te rly ond
o f th is c o n n e c tio n a t e m p o ra ry c o n s tru c tio n w a s p ro v id e d
p e n d in g th o e re c tio n o f n o w s tru c tu re a t M y r t l e a n d W y e k o f f
a vo n u e s, fo rm in g p a r t o f th o t h ir d t ra c k in g o f th o M y r t lo
A v e n u e lin o . T e m p o r a r y a rra n g o m o n ts h a v o been m a d o w ith
re fe re n c e to y a r d tra c k s a t th o east ond o f th is lin e p e n d in g
th e c o m p le tio n o f th o p e rm a n e n t y a r d .
Liberty Avenue Elevated Extension.

T h o steel s tru c tu re o f th is lin o has been c o m p le te d a n d
t ra c k la y in g p ra c tic a lly fin is h e d . S om e w o r k re m a in s to be
d o n o o n th o s ta tio n s tru c tu re s a n d it is o xp e cte d th a t th is lin o
w ill b e re a d y fo r o p e ra tio n som e tim e d u rin g A u g u s t o r S ep­
te m b e r o f 1915.



Passenger Revenue_________________ $8,370,004
Chartered Cars & M Isc. Transp. Revenuo
1,115
A d v e rtisin g ________________________
63,966
Other C ar and Station Privileges___
46,056
27,266
R ent o f Buildings and Other P roperty___
Rent o f Tracks and Term inals--------44,515
M iscellaneou s______________________
7,631

Deductions
—
R entals.......................

T a x e s ..............................................................
Operating Expenses, excl. o f M aintenance
M aintenance F und_______________________
Depreciation F un d_______________________
P roportion o f C om pany’s P referentlals..

24
10
66
73
70
98
19

$8,560,556 60
91,050
525,189
3,396,054
1,026,389
256,597
3,591,000

78
87
00
42
32
92

$8,886,282 31
------------- $325,725 71
Deficit*
in Paid
Company’s
Preferential
Interest^)
by
City
on
Its
Cost
of
Con­
struction
of Property
Placed
Operation
Plus
Sinking
Fund at Rate
of 1%in per
Ann’m 404,661 45
Total Deficit.................... ............................. ........ 730,387 16

$16,023,760 08
2,350 02
129,815 83
96,282 15
53,752 78
77,660 63
7,919 62
$16,391,547 11
174,479
1,060,243
6,456,997
1,967,034
491,758
6,786,447

33
28
02
43
56
66

$16,936,960 28
$545,413 17
714,721 93
1,260,135 10

*T o be m ado good from future net incom e before paym ent o f C ity 's
interest and Sinking Fund charges.
(t) D eficits in C ity ’s charges during temporary operations to b
ed
to tho Cost o f Construction o f City-Owned Lines.

378

[Vol. 101.

THE CHRONICLE

A D D IT IO N S , IM P R O V E M E N T S A N D M A IN T E N A N C E
E x c lu s iv e o f e xp e n d itu re s o n ra p id tra n s it lin e s u n d e r co n ­
tra c ts w it h th o C i t y o f N e w Y o r k (re fe rre d to a b o v e ) th o re
w a s e xp e n d e d f o r a d d itio n s , ch a rg e a b le to C a p ita l A c c o u n t,
S I , 133,446 06, w h ic h a re classifie d in d e ta il in T a b le N o . 3
[p a m p h le t re p o rt].
T h e ch a rg e s f o r m a in te n a n c e o f w a y a n d s tru c tu re a n d o f
e q u ip m e n t w e re $4,793,655 73, b e in g a n in cre a so o v e r s im ila r
ch a rg e s f o r th o p re c e d in g y e a r o f $456,018 38, a n d e xc e e d in g
th o ch a rg e s o f a n y y e a r in th o h is t o r y o f th o s y s to m . T h o
a c tu a l e x p e n d itu re s w o ro less th a n th e c h a rg e s b y $256,­
384 55, w h ic h a m o u n t w a s c re d ite d to R e s e rv e s .
A m o n g th o p rin c ip a l m a in te n a n c e a n d c o n s tru c tio n e x­
p e n d itu re s d u rin g th e fisca l y e a r (o th e r th a n c o n s tru c tio n
e x p e n d itu re s o n ra p id tra n s it lin e s re fe rre d to a b o v e ) a re
th o fo llo w in g :
Track an d Structure.

O n th o s u rfa c e lin e s 83,930 fe e t o f sin g le t ra c k w o ro re ­
la id w it h s ta n d a rd 7 -in ch 105-lb. r a il, a n d 96,072 fe e t o f
sin g lo tra c k w o re o v e rh a u le d ; 154 pieces o f special w o r k w o re
in s ta lle d , re p a ire d o r re n e w o d ; 145,797 sq u a re y a rd s o f im ­
p ro v e d g ra n ito b lo c k p a v e m o n t o n co n cro to fo u n d a tio n w o ro
la id , a n d 781 s q u a re y a rd s o f w o o d b lo c k p a v e m o n t, in a d d i­
tio n to w h ic h th o c i t y la id a t th o oxponso o f o u r co m p a n ie s
45,383 s q u a re y a rd s o f im p ro v e d p a v e m e n t.
A d o u b le -tra c k lin o c o n sis tin g o f 5,921 lin e a l fe o t o f “ T ”
r a il c o n s tru c tio n w a s b u ilt in S tillw e ll A v e n u e fro m th o W e s t
E n d L in o n e a r A v e n u o “ R ” to a c o n n e c tio n w it h e x is tin g
tra c k s in S tillw e ll A v e n u e n o r th o f N o w Y o r k & C o n e y Is la n d
R a ilro a d .
O n H e g e m a n A v e n u o , b e tw e e n H o p k in s o n a n d R o c k a w a y
A v e n u e s , a d o u b le -tra c k lin o , c o m p ris in g 1,578 lin e a l fe o t
o f tra c k , w a s la id w it h 7 -in c h g ird e r ra il.
O n N o w L o t s R o a d , b e tw e e n W illia m s a n d N e w J o rs e y
A v e n u e s , 2,363 sq u a re y a rd s o f re c u t g ra n ito w o ro in s ta lle d .
T h o sp e cial w o r k la y - o u t o n P ro s p o c t P a r k P la z a a t N in t h
A v e n u o a n d F ift e e n t h S tre e t w a s ro n e w e d , w it h e xte n s iv e
ch a nges in a lig n m e n t, e tc ., to a cco m m o d a te th o p la n s o f th o
P a r k D o p a rtm o n t f o r im p ro v e m e n t o f th o P la z a .
M a n y r iv e t e d jo in ts o f su rfa c o tra c k s w e ro ro p la ce d b y
s e a m -w e ld in g pro ce ss.
O n th o e lo va te d lin es ro n o w a ls w e ro m ad o as fo llo w s :
51,658 lin e a l fe o t o f ra il,
1,425 lin e a l fe e t o f steel g u a rd ra ils ,
35 s w itc h o s ,
28 fro g s ,
4 cro ssin g s,
16,789 tie s,
39,630 lin o a l fe e t o f tim b e r g u a rd r a il, a n d
140,508 lin e a l fe o t o f 2x6 fo o tw a lk .
22,593 lin e a l fe e t o f o lo va te d s tru c tu re w o ro ro p a in te d .
A l l e lo va te d s ta tio n s b e tw e e n S t. M a r k s A v e n u o a n d 6 5th
S tre o t w e ro g iv e n a g e n e ra l re p a ir a n d ro p a in tin g ; s im ila r
w o r k , a lth o u g h n o t so o x te n s iv o , w a s d ono o n th o s ta tio n s o n
th e L o x in g t o n A v e n u o L in e fro m : G re e n o A v o n u o to R o id
A v e n u o , o n th o M y r t l e A v o n u o L in o fro m Jo h n s o n S tre o t to
K n ic k e r b o c k e r A v e n u o , a n d th o B r o a d w a y L in o fro m V a n
S ic k lo n A v o n u o to C ro sc o n t S tre o t.

Is la n d & B r o o k ly n R a ilro a d C o m p a n y o f ono 3-0 h ig h -to n s io n
cablo 14,850 fe e t in lo n g th . T h is cablo w a s re -in s ta lle d botw e e n th o E s s e x S u b -s ta tio n a n d th o O zo n o P a r k S u b -s ta ­
tio n fo r th o o p e ra tio n o f th o L i b e r t y A v o n u o E x te n s io n .
H ig h -te n s io n cables w e ro in s ta lle d as fo llo w s :
O n o 350,000 C . M . S e c to r C a b lo b o tw e o n th o W illia m s ­
b u rg P o w e r S ta tio n a n d th o E s s e x S u b -s ta tio n —
28,650 fe o t.
T h r e e 350,000 C . M . S e c to r C a b le s b e tw e e n th o W illia m s ­
b u rg P o w e r S ta tio n a n d tho H u d s o n S u b -s ta tio n —
31,026 fe o t.
O n o 350,000 C . M . S e c to r C a b lo b o tw e e n th o W illia m s ­
b u rg P o w e r S ta tio n a n d tho R ic h m o n d H i l l S u b -s ta ­
tio n — 47,473 fe o t.
16.40 m ile s o f u n d e rg ro u n d feodors w o ro ro m o v e d , a n d
15.51 m ile s ro -in s ta llo d in o th e r p a rts o f th o s ys to m .
80.44 m ilo s o f t ro llo y w iro w o ro re n e w e d .
T o lo p h o n o w iro to th o e x te n t o f 4.93 m ilos w a s ro m o v e d .
2,524 t ro llo y poles w e ro re -p a in to d , 136 re in fo rc e d , 649 re ­
se t, 386 in s ta lle d a n d 297 ro m o v e d .
2.15 m ilo s o f c o n d u it lin e s w e ro c o n s tru c te d .
Equipm ent.

462 co m p le to a ir-b ra k o e q u ip m e n ts w o ro in s ta lle d o n s u r­
face ca rs.
300 p a rtia l a ir-b ra k o e q u ip m e n ts w o ro in s ta lle d o n su rfa c o
d o u b lo -tra c k o p e n p a ssen ger ca rs.
200 p a rtia l a ir-b ra k o e q u ip m e n ts — s o m i-a u to m a tie fea­
tu re s s u b s titu te d f o r s tra ig h t a ir fe a tu re s — w o ro in s ta lle d .
617 im p ro v e d g e a re d h a n d b ra k o s , s u p p lo m o n tin g a ir
b ra k e s , w o ro in s ta lle d .
112 p a irs o f n o w tru c k s h a v o ro p la ce d a lik o n u m b e r o f o ld s ty lo in to rio r fra m o s .
559 p a irs o f im p ro v e d de sig n m a x im u m tra c tio n t r u c k
fra m o s w o ro in s ta lle d u n d e r ca rs w h ic h a ro b e in g e q u ip p o d
w it h a ir b ra k o s .
O n th o su rfa c o d iv is io n , 21 s in g lo -tru c k closed p a sso n ger
c a rs, 201 d o u b le -tru c k closed passonger ca rs, 509 s o m i-co n v o rtib lo c a rs, 250 d o u b le -tru c k o p e n c a rs, 432 c o n v e rtib le
ca rs a n d 22 c e n tre -o n tra n c o ca rs w e ro ro p a ii’ocl a n d ro v a rn is h e d .
O f th o C o n o y Is la n d & B r o o k ly n e q u ip m e n t, 90 d o u b le ­
t r u c k closod ca rs a n d 86 d o u b lo -tru c k o p e n ca rs w o ro o v e r­
h a u le d a n d ro p a in te d .
83 p lo w s a n d sw eopors w o ro ro p a ire d .
73 s e rvic e a n d fro ig h t ca rs a n d 945 d a m a g e d p assongor
ca rs w e ro ro p a ire d .
300 p a irs t ru c k s w e ro o ve rh a u le d a n d s tre n g th e n e d to o p o ra to u n d o r o p e n ca rs e q u ip p e d w it h a ir b ra k e s.
541 ca rs w e ro e q u ip p e d w it h w h e e l g u a rd ch a in s.
I n 107 s e m i-c o n ve rtib le ca rs lo n g itu d in a l seats w e ro s u b ­
s titu te d fo r C h a m b e rlin c h a irs .
O n th o o lo va te d d iv is io n 31 ca rs h a v e been re p a ire d a n d ro ­
p a in te d a n d a d d itio n a l c irc u it o f f iv o lig h ts in s ta lle d ; 594
m o to r a n d tra ile r passenger ca rs h a vo been re p a ire d a n d re ­
v a rn is h e d , a n d 85 d a m a g e d passpngor ca rs a n d 70 s o rvic o
a n d fro ig h t ca rs h a v o beon re p a ire d .
A t all m a c h in e shops m a c h in e ry lia s beo n s a fe g u a rd e d to
a v o id a ccid o n ts, a n d v a rio u s a d d itio n a l to o ls h a v o boon in ­
s ta lle d .
B uild in gs.
EM PLO YEES’ W ELFAR E W ORK.
A n e xte n s io n o f th o shop b u ild in g w a s c o n s tru c te d a t F re s h
T h o b ro a d p ro g ra m o f e m p lo ye e s ’ w o lfa ro , w h ic h h as beon
P o n d R o a d ; a n e n la rg e d a n d im p ro v e d sch oo l ro o m f o r th o u n d o r d e ve lo p m e n t f o r m a n y ye a rs , w a s s u b s ta n tia lly a d d o d
in s tru c tio n o f m o to rm o n a n d c o n d u c to rs w a s p ro v id e d in th o to d u rin g th o la s t y e a r. T h o E m p lo y e e s ’ B o n o fit A s s o c ia ­
5 8 th S tre o t C a r B a rn , a n d v a rio u s im p ro v e m e n ts a n d re ­ tio n , th ro u g h w h ic h thoso a c tiv itie s a ro la rg e ly c o n d u c te d ,
p a irs h a v o been m a d o to m a n y b u ild in g s .
has n o w a m e m b e rs h ip o f u p w a rd s o f 8,000, o f w h o m o v e r
Power Stations an d T ran sm issio n L in es.
6,500 a ro in th o o p e ra tin g b ra n c h e s, w h ile a b o u t 1,500 a ro
A t W illia m s b u rg P o w e r S ta tio n a c in d o r c a tc lio r w a s in ­ in o th e r d o p a rtm o n ts o f th o s ys to m .
s ta lle d in th o flu e s f o r o ig h te e n b o ile rs lo ca te d o n th o fir s t
W o e xp e n d e d d u rin g th o p a st y o a r, in th o m a in to n a n c o a n d
flo o r; 6 u n d e rfe e d s to k e rs w it h t h e ir b lo w o rs a n d c o a l-h a n d ­ im p ro v o m o n t o f th e c lu b ro o m s f o r o m p lo yo o s, in s u p p o rt
lin g e q u ip m e n t w o ro in s ta lle d , a n d th o in ta k o w e ll o f tu n n o l o f th o P o n s io n S y s to m , in m e d ic a l in s p e ctio n s o rvic o , a n d in
f o r co n d e n s in g w a to r w a s ro -b u ilt.
sickness a n d d e a th g ra tu itie s in casos n o t re a ch e d b y th o
A t C o n tra l P o w e r S ta tio n 7, O il S w itc h C o m p a rtm e n ts E m p lo y e e s ’ B e n e fit A s s o c ia tio n , th o s u m o f $78,742 47.
w o ro c o n s tru c te d a n d a d d itio n a l s w itc h b o a rd a n d s w itc h in g
T h e o rg a n iza tio n o f a B r o o k ly n R a p id T r a n s it B a so b a ll
e q u ip m e n t in s ta lle d f o r th o o p e ra tio n o f th o F o u r t h A v o n u o L o a g u o in th o s u m m e r o f 1914 w a s a d is tin c t a n d v o r y p o p u la r
S ub w ay.
a d d itio n to th o so cia l d ive rs io n s o f th o o m p lo ye o s. T h o
A t T o m p k in s S u b -s ta tio n o no 3,000 K . W . R o t a r y C o n ­ C o m p a n y p ro v id e d a ll e q u ip m e n t, in c lu d in g u n ifo rm s , h ire d
v e r t e r w it h its tra n s fo rm e rs , s w itc h b o a rd e q u ip m e n t a n d u m p ire s a n d p a id th e g ro u n d oxponses. A fie ld d a y , u n d o r
sto ra g o b a t t e r y , w a s in s ta lle d , m a k in g th o p re s e n t c a p a c ity th o auspices o f th o B a s e b a ll L o a g u o , w a s a tte n d e d b y m o ro
o f th o s ta tio n 8,000 K . W .
th a n 5,000 o m p lo ye o s a n d m o m b o rs o f t h e ir fa m ilie s .
A t H u d s o n S u b -s ta tio n tw o 2,000 K . W . R o t a r y C o n v e r t ­
T h o s ys to m o f c o m p u ls o ry m e d ic a l in s p e c tio n a n d fre o a tors w it h t h e ir tra n s fo rm e rs a n d s w itc h b o a rd e q u ip m e n t w e ro to n d a n co fo r o m p lo ye o s e xcu se d o n a c c o u n t o f illnoss, w h ic h
ro m o v e d , a n d ro p la ce d w it h tw o R o ta rie s o f 4,000 K . W . , w as e sta b lish e d J a n u a r y 1 1913, fo r a p p ro x im a te ly 10,000
m a k in g th o p re s e n t c a p a c ity o f th o s ta tio n 14,000 K . W . m e n in th o o p e ra tin g d o p a rtm o n t, a cco m p lish e d d u rin g tho
T h e R o t a r y C o n v e rte rs re m o v e d w o ro in s ta lle d in th o 6 4th p a st y e a r a re d u c tio n in th o a m o u n t o f tim o lo s t b y th o
S tre e t S u b -s ta tio n o f th o N o w Y o r k M u n ic ip a l R a ilw a y o p e ra tin g e m p lo ye e s o n a c c o u n t o f sickness o f 13,485 d a ys
C o rp o ra tio n .
(o r n e a r ly 18 p e r c e n t) o v e r th o tim o loso in th o y o a r end ed
T h o S a n fo rd S tre o t S u b -s ta tio n o f th o C o n e y Is la n d & J u n o 30 1914. T h o m ild e r w in t e r o f 1915 a cco u n te d fo r
B r o o k ly n R a ilro a d C o m p a n y , h a v in g boon s h u t d o w n , w a s a b o u t 7,000 d a y s o f th o to ta l re d u c tio n . M a k in g duo a llo w ­
d is m a n tle d a n d th o e q u ip m e n t to in o v e d to O zo n o P a rle S u b ­ a nce f o r th is , h o w o v e r, th e ro s till ro m a in s a s a v in g o f u p w a rd s
s ta tio n .
o f 6,000 d a y s ’ w o r k fo r th o y e a r, o r a re d u c tio n o f 8.0 p o r
A t C o n o y Is la n d S u b -s ta tio n ono 2,000 K . W . R o t a r y C o n ­ c o n t o v o r th o sicknoss re c o rd o f th e y e a r ond ed J u n o 30 1914.
v e r t e r w it h its tra n s fo rm e rs , s w itc h b o a rd e q u ip m e n t a n d
T h o s ys to m o f c o m p u ls o ry m o d ic a l in s p e c tio n w a s a cco m ­
s to ra g o b a t t e r y w a s in s ta lle d , m a k in g th o p re s e n t c a p a c ity p a n ie d in its fir s t y e a r b y a re d u c tio n o f 24 p o r co n t in th o
o f th o s ta tio n 6,000 K . W . •
n u m b e r o f d a y s ’ w o r k lo s t b y o p e ra tin g e m p lo ye e s o n a c­
T h e r e w e ro re m o v e d fro m th o s ys to m 17.91 m ile s o f o v e r­ c o u n t o f illn o ss, a n d it is g r a t if y in g to fin d th a t th is in itia l
h e a d D . C . feod ors, a n d 8.95 m ile s o f th is w e ro re -in s ta lle d in re c o rd is s till b o in g im p ro v e d u p o n as th o a c tiv itie s o f th o
o th e r p a rts o f th o s ys to m .
M o d ic a l In s p e c tio n B u re a u d o ve lo p . T h o s o a c tiv itie s e m ­
C o n n e c tio n s w o ro m ad o b e tw e e n th o h ig h -to n s io n cables b ra ce n o t o n ly th o in s p e c tio n a n d a tte n d a n c e o f o p e ra tin g
a n d th o c o n d u it lin es o f th o C o n o y Is la n d & B r o o k ly n R a il­ d o p a rtm o n t o m p lo ye o s re p o rtin g s ic k , b u t fre o m o d ic a l a t ­
ro a d C o m p a n y a n d o th e r co m p a n ie s o f th o s y s to m , w h ic h te n d a n ce f o r m o m b o rs o f th o E m p lo y e e s ’ B o n o fit A s s o c ia tio n
p e rm itte d th o re m o v a l fro m th o c o n d u it lin o o f th o C o n o y o u tsid o o f th o o p e ra tin g d o p a rtm o n t; th o ca ro o f a ll e m -




J uly 31 1915.]

THE CHRONICLE

379

p lo yo e s in ju re d in th o p e rfo rm a n c e o f t h o ir d u tie s a n d e n title d
F IR E IN S U R A N C E .
to m o d ic a l a tto n d a n c o u n d e r th o C o m p e n s a tio n A c t ; th o
I n th o y e a r 1913 th o N e w Y o r k F ir o In s u ra n c e E x c h a n g e
e x a m in a tio n o f ca n d id a te s f o r e m p lo y m e n t a n d th o p e rio d ic in cre a se d v e r y la r g e ly th o ra te s o n th o s y s te m ’s p ro p e rtie s ,
re -e x a m in a tio n o f a ll m o to rm o n .
a n d th is a c tio n co m p e lle d th o co m p a n ie s o f th o s y s te m to
A s ys te m o f F i r s t A id to th o In ju r e d has boon d e ve lo p e d to p lace th e ir ris k s w it h L o n d o n L lo y d s , w h e re a m u c h lo w e r
a h ig h sta to o f e ffic ie n c y . A n im p ro v e d P o rta b le F i r s t A id c a s o ra
to w a s o b ta in a b le . I n th o succe e d ing y e a r, h o w e v e r, th e
w it h e q u ip m e n t fo r uso b o th b y a n in s tru c te d la y m a n a n d
b y a p h y s ic ia n lia s been d e ve lo p e d b y th o p h y s ic ia n s o f th o lo ca l E x c h a n g e o ffe re d a n a v e ra g e ra to s o m e w h a t lo w e r th a n
M o d ic a l In s p e c tio n B u re a u ; 68 o f theso cases lia v o been in ­ L lo y d s , a n d a b o u t 20 p o in ts lo w e r th a n th o ra te s fix e d in
s ta lle d in th o d o p o ts, te rm in a ls , shops a n d p o w e r houses o f th o p re c e d in g y o a r, a n d o u r in s u ra n c e w a s th e re fo re p la ce d
th o C o m p a n y , a n d s u p p lie d to e m e rg e n c y a n d o th e r cre w s w it h d o m e stic co m p a n ie s f o r th re e y e a rs u n d e r b la n k e t
re q u ire d to w o r k o u t o n th o lin o s. W h e r e v e r a F i r s t A id s ch e d u le . T h e a v e ra g e ra to as fix e d w a s .25387, w h ic h w a s
case has been in s ta lle d , a s u ffic ie n t n u m b e r o f e m p lo ye e s a fte rw a rd s re d u c e d , b y re a s o n o f c e rta in im p ro v e m e n ts m a d e
h a v e boon in s tru c te d in a p p ro v e d m e th o d s o f F i r s t A id to m th o ris k s , to .23358. T h o s u b se q u e n t in c lu s io n o f th e
in s u re th o presonco o f som o q u a lifie d in d iv id u a l a t a ll h o u rs C o n o y Is la n d & B r o o k ly n R a ilro a d C o m p a n y ’s p ro p e rtie s
m a y in cre a so th is ra te s lig h t ly . N o tw ith s t a n d in g the se lo w
o f th o d a y o r n ig h t w h e n w o r k is g o in g o n .
T h i s s ys to m o f F i r s t A i d to th e In ju r e d w ill lia v o a n im ­ ra te s , th o co m p a n ie s o f th e s y s te m a re c o n tin u in g to a c c u m u ­
p o r ta n t in flu e n c e in m in im iz in g th o e ffects o f in ju rie s re ­ la te a n In s u ra n c e R e s e rv e F u n d , w h ic h , o n J u n o 30 1915,
c e ive d b y e m p lo ye e s , p a r tic u la rly as i t in s u re s n o t o n ly th o h a d re a ch e d th o s u m o f 8787,439 47, a n in cre a se o f 8188,
28 d u rin g th o y o a r. T h i s fu n d , to th o e x te n t o f 8736,­
p ro m p t a d m in is tra tio n o f F i r s t A id b u t th o p ro m p t re p o rtin g 242
011 20, is in v e s te d in sta b lo s e c u ritie s.
a n d tre a tm e n t o f a ll cases b y th o p h y s ic ia n s o f th o M e d ic a l
In s p e c tio n B u ro a u .
C A R A N D S T A T IO N A D V E R T IS IN G .
S A F E T Y C A M P A IG N .
C o n tra c ts w it h th o I n t o r - C i t y C a r A d v e r t is in g C o m p a n y
O n J u l y 2 1914 tlie ro w a s a p p o in te d a C e n tra l S a fo ty C o m ­
m itte e re p re s e n tin g a ll th o d e p a rtm e n ts o f th o C o m p a n y in h a v in g e xp iro d o n A p r i l 30 1915, a n d n o t b e in g ro n o w o d ,
w h ic h th o a c c id e n t h a z a rd is a m a te ria l fa c to r. I n a c c o rd ­ it w a s de cid e d to u n d e rta k e th is b ra n c h o f bu sin ess in d e p e n ­
a nce w it h a p la n o f s a fe ty o rg a n iz a tio n a t t h a t tim o a d o p te d , d e n tly , a n d tlie ro w a s o rg a n ize d th e B r o a d w a y S u b w a y &
e ach d e p a rtm e n t set u p a d o p a rtin o n ta l s a fe ty o rg a n iz a tio n H o m o B o ro u g h s C a r A d v e rt is in g C o m p a n y , w it h a c a p ita l
h a v in g as its o b je c tiv e th o s tim u la tio n o f a g ro a to r in to re s t s to c k o f 810,000, a ll o f w h ic h is o w n e d b y th o B r o o k ly n R a p id
o n th o p a rt o f a ll e m p lo ye e s in th o p ro b lo m o f s a fo ty , th ro u g h T r a n s it C o m p a n y . T h i s a d v e rtis in g c o m p a n y , u n d e r th e
a c tiv o p a rtic ip a tio n in th o s tu d y o f c o n d itio n s w h ic h p ro d u co d ire c tio n o f Jo s e p h P . D a y , th e w e ll-k n o w n re a l e s ta te m a n ,
as P re s id e n t, w ill c o n d u c t th o c a r a n d s ta tio n a d v e rtis in g
a ccid e n ts a n d in th o d o v is in g o f ro m e d ia l m e asu re s.
T l i o C o m p a n y in v ite d a ll e m p lo ye e s to re p o rt d a n g e ro u s athnod snyoswtosma.n d v e n d in g p riv ile g e s fo r th o ra v io u s ra ilro a d s o f
c o n d itio n s a n d to m a k o sug g e stio n s in th o in te re s t o f s a fo ty .
M o o tin g s w o ro h o ld , b o th o f c o m m itte e s a n d o f d e p a rtm e n ts
F R E IG H T T R A F F IC .
g o n o ra liy , f o r th o p u rp o se o f d iscu ssin g th o s a fo ty p ro b le m .
D u r in g th o fisca l y e a r th o fre ig h t d e p a rtm e n t sh o w s a g ro ss
So fa r as p ra c tic a b le , th o in v e s tig a tio n o f a ccid e n ts a c tu a lly ro v e n u o o f 8625,769 97, a n in cre a so o v e r th o p re c e d in g y e a r o f
o c c u rrin g w a s re fe rre d to th o s a fe ty c o m m itte e s co m p rise d 8128,200 81. T h e n o t re v e n u e w a s 8287,355 64.
la rg e ly o f th e r a n k a n d filo . T h o e m p lo ye e s d e m o n s tra te d
A s m a ll in cre a so in th o a rb itra rie s a llo w e d b y th o t r u n k
a n im m e d ia te a n d v i t a l in te ro s t in th o s a fo ty m o v o m o n t w h ic h lin o s has been o b ta in e d th ro u g h th e 5 % in cre a so in ra te s a u ­
w a s m o s t o n c o u ra g in g . T h o v a rio u s d e p a rtm e n ta l o rg a n iza ­ th o riz e d b y th o In te r-S ta te C o m m e rc e C o m m is s io n .
tio n s w e ro co m p le te d d u rin g th o fa ll o f 1914. A lth o u g h th o
T h o v o lu m e o f fre ig h t has been c o n s id e ra b ly in cre a se d
p e rio d is to o s h o rt to ju s t i f y a n y g o n o ra l c o n clu sio n s, it is a t th ro u g h th o c o n s tru c tio n a n d e x c a v a tio n w o r k in c id e n ta l to
lo a st g r a t if y in g to n o to t h a t in each o f th o la s t s ix m o n th s th o b u ild in g o f ra p id tra n s it lin e s.
b o a rd in g a n d a lig h tin g a ccid o n ts , c a r co llisio n s, a ccid e n ts in
T h o fa c ilitie s o f th o fre ig h t d e p a rtm e n t h a v o been u se d b y
w h ic h ca rs s trik e p e rso n s, a n d c a r a n d vo h ic lo co llisio n s, lia v o th o c o n tra c to rs fo r p r a c tic a lly a ll se ctio ns o f th o n o w ra p id
m a d o a m o ro fa v o ra b lo s h o w in g th a n in a n y o no o f th o c o rre ­ tra n s it lin e s . S u c h tra n s p o rta tio n has n o t o n ly be e n a co n s p o n d in g m o n th s o f th o p ro v io u s y e a r— a n d th is in sp ito o f vo n io n c o to th o c o n tra c to rs , b u t has p ro v e d ch e a p e r th a n
th o fa c t th a t th o h a z a rd o f a c c id e n t has been in cre a se d s u b ­ o th e r m oa n s o f tra n s p o rta tio n , th e re b y le sse ning th o c o n ­
s ta n tia lly b y th o re c o n s tru c tio n o f s e ve ra l o f th o e lo va te d t ra c t o r s ’ co st a n d in c id e n ta lly th e co st o f c o n s tru c tio n , h as
lin e s a n d th o c o n s tru c tio n o f n o w lin e s, w it h o p e ra tio n o v e r p e rm itte d th o h a n d lin g o f m a te ria l in m u c h la rg e r q u a n titie s
th o sam o ro u te s p ro c e e d in g u n in t e rr u p t e d ly d u rin g th o p ro ­ a n d in less tim o , a n d h as e xp e d ite d th o c o m p le tio n o f th e
gress o f tho w o rk ,
w o rk .
T h o p u b lic s a fo ty c a m p a ig n , co n d u c te d in c o -o p e ra tio n
T h e r o is a c o n s ta n t d e m a n d fro m m a n u fa c tu re rs a n d c o m ­
w it h th o B r o o k ly n In s t itu tio n fo r S a fe ty , w a s c o n tin u e d in m e rc ia l houses f o r s id e -tra c k c o n n e ctio n s in o rd e r to o b ta in
th o schools o f B r o o k ly n th ro u g h o u t th o y e a r, w it h tho a p ­ d e live rie s o f f re ig h t th ro u g h th o t ro lle y o r ste a m c a r d e liv ­
p r o v a l o f th o B o a rd o f E d u c a tio n o f th o C i t y o f N o w Y o r k . eries o v e r o u r lin e s .
S to re o p tic o n a n d m o v in g p ic tu ro le c tu re s w e ro fe a tu re d in
th o sch oo l in s tru c tio n ; S a fo ty P a tro ls a m o n g th o b o y s , a n d
IN C R E A S E IN N U M B E R O F S T O C K H O L D E R S .
C a re fu l C lu b s a m o n g th o g irls , w o re o rg a n ize d . S a fo ty c a l­
T
h
o n u m b o r o f s to c k h o ld e rs has in cre a se d b y 2,514 d u rin g
e n d a rs b o a rin g a n a p p ro p ria te d ra w in g a n d t e x t fo r each
m o n th , w e ro s u p p lie d in th o n u m b e r o f 9,000 fo r e v e r y sch oo l th o fis c a l y o a r— th o to ta l n u m b e r o n J u n o 9 1915 b o in g 8,833.
cla ss-ro o m in B r o o k ly n ; 234,000 s a fo ty sto rie s w e ro d is trib u te d
R E S E R V E A C C O U N TS .
to th o school c h ild re n , to g e th e r w it h 415,000 s a fo ty b u tto n s .
T h i s e d u c a tio n a l w o r k c o ve re d 159 p u b lic schools o f g ra m ­
T h o r o h as be e n a d d e d to R e s e rve s d u rin g th e y o a r th e
m a r g ra d e s a n d b e lo w , 14 h ig h schools a n d 54 p a ro c h ia l fo llo w in g :
sch oo ls. S ix ty - e ig h t p riz o c o m p e titio n s in essays o n s a fo ty Insurance _____
$188,242 28
w e ro h e ld . I n a d d itio n to th o w o r k in th o sch oo ls, 104 s a fo ty Am ortization o f C ap ita l
. 256.381 55
le c tu re s w o ro d e live re d to a d u lt a ud ien ces re a c h in g a p p ro x i­ E m ployers' L ia b ility ..
. 34.995 85
m a te ly 38,000 p eo plo. T h o a tto n d a n c o a t le c tu re s o r m o v in g i , , • ,
,
,
8479,622 68
p ic tu ro p e rfo rm a n c e s g iv o n p r im a r ily f o r c h ild ro n , in c lu d in g b u t ro tiro d p r o p e rt y a d ju s tm e n t clia rg e a b lo to theso
c h ild re n w h o m a y h a vo a tte n d e d m o ro th a n ono p e rfo rm a n c e , Reserves— a ggregating____________________ __________ _________ 390,217 37
w a s a p p ro x im a te ly 340,000.
_ D u r in g th o s u m m e r o f 1914, s a fo ty in s tru c tio n w a s g iv o n havo rcducod tho year’s Gain in Reserves t o ___________________ $89,405 31
in 53 p la y g ro u n d s a n d 9 s u m m e r schools in B r o o k ly n , a n d
43 m o tio n p ic tu ro p e rfo rm a n c e s fe a tu rin g s a fo ty w e ro g iv e n B R O O K L Y N R A P I D T R A N S I T R E F U N D I N G M O R T ­
in th o p a rk s . P ro v is io n has been m a d o fo r c o n tin u in g s a fo ty
G AG E FO UR PER C E N T BONDS.
in s tru c tio n in th e p la y g ro u n d s th ro u g h o u t th o p re s e n t su ra m o r. Authenticated to July 1 1914____________________ __
S51 792 000 00
Authenticated
during year__________________________________ 3,269,000 00
. A s in tho p ro v io u s y e a r, th o re s u lts o f th o s a fo ty w o r k dono
in B r o o k ly n lia v o been m ad o a v a ila b le to p u b lic o rg a n iza tio n s
$55,061,000 00
. 29,619,000 00
a n d c o rp o ra tio n s e nga ged in s im ila r w o r k th ro u g h o u t th o Converted into stock________________
c o u n t ry , a n d s u b s ta n tia l ovid on co s o f a p p re c ia tio n h a v o boon N et Authenticated and Outstanding..
$25,442,000 00
re c e iv e d fro m m a n y q u a rte rs .
In Hands o f tho P ublic______________
$3,459,000 00
In possession o f tho li. l i . T . System.
A C C ID E N T S A N D N E G L IG E N C E A C T IO N S .
21,983,000 00
T h o a m o u n t p a id d u rin g th o fisca l y e a r fo r in ju rie s to'pasA s fo llo w s :
songers a n d p r o p e rt y a g g re g a te d 8607,700 61, o r a n in crea so
♦Collateral to S40,000,000 00 6-yr. 5 per cent N otes____
$ 10,000 000 00
o f 863,815 48. T h o le g a l oxponso in co n n e c tio n w it h d a m ­ Collateral
to Bills Payable_______________________ __
4.876.000 00
ages w a s 8261,153 68, a n in cre a se o f 841,394 95. T h o to ta l In Treasury B. R . T _______________________ I I I I I I I
5.096.000 00
In Treasury N . E . R R ___________________ I I I I I I I
1.046.000 00
p a y m e n ts f o r da m ages, in c lu d in g le g a l oxponso, w o ro 3 .2 9 % Deposited with C ity o f N ew Y ork by The N . HERR" C o "
15,000 00
o f e a rn in g s. O f co u rso , theso p a y m e n ts ro p ro so n t a ccid o n ts D eposited witli Trustee o f T ho Nassau Electric Railroad
Consolidated
M
ortgage________________________
_
700.000 00
n o t o n ly d u rin g th o c u rre n t fisca l y e a r b u t p r io r th e re to . Guaranty Fund B rooklyn C ity R ailroad L e a so IIZ 'I
250.000 00
A s a m a tte r o f fa c t, tlie ro w o ro 1,333 fo w o r a ccid o n ts on tho
$21,983,000 00
s ys to m d u rin g th o fisca l y e a r th a n d u rin g th o p re c e d in g y e a r, _______ _
a n d 139 fo w e r a ctio n s w e ro b ro u g h t a g a in s t th o co m p a n ie s.
*$301,000 par valuo o f theso notes havo been converted into N ew Y ork
T h o n u m b o r o f a ccid o n ts trie d in th o c o u rts , h o w o v e r, s h o w e d M unicipal Railway C orporation’s fivo per cent first mortgage bonds, as
perm itted, prior to January 1 1916 by the terms o f tho trust agreement.
a n increaso o f 4 2 % o v e r thoso trie d in th o p re c e d in g y e a r.
R e s p e c tfu lly s u b m itte d b y o rd e r o f th o B o a rd o f D ire cto a § .
B a se d u p o n a w a rd s a p p ro v e d b y th o S ta to W o r k m o n ’s
C o m p e n s a tio n C o m m is s io n , w o h a v o e sta b lish e d R e s e rve s
T . S . W I L L I A M S , President.
a d e q u a to to m e e t 1‘u tu ro o b lig a tio n s to th o d o p o nd e nts o f
(For tables of comparative earnings, disbursements, &c., and
deceased e m p lo ye e s.
balance sheet, sec page 366.)



[Vol. 101.

THE CHRONICLE

380

2Jke Commercial
COMMERCIAL EPITOME
Friday N ight, July 30 1915.
T h o u g h in som e b ra n c h e s o f tra d e m id s u m m e r d u ln e ss is
n o tic e a b le a n d th e s itu a tio n is b y n o m e a n s w it h o u t d ra w ­
b a c k s in o th e r re s p e c ts , y e t th e fe e lin g in th is c o u n t r y o n th e
w h o le is h o p e fu l. T h e U n it e d S ta te s has ta k e n a n e w p o si­
tio n in th o w o r ld ’s c o m m e rc e a n d fin a n c e . T h a t is u n i­
v e r s a lly re c o g n iz e d . A n d fo re ig n tra d e is re a c h in g o u t
to w a rd s s till m o ro g r a t if y in g re c o rd s . In d u s trie s in th e m a in
a ro m o re a c tiv e , w it h iro n a n d steel le a d in g . W a r o rd e rs ,
i t is tru e , s till a ffo rd th e c h ie f s tim u lu s . L a b o r is b e tte r e m ­
p lo y e d . S trik e s a re fe w e r. C r o p p ro sp e c ts a re in th e m a in
fa v o ra b le . I t lo o k s lik e u n p re c e d e n te d y ie ld s o f w h e a t, o ats
a n d h a y . F a ilu re s a re fe w e r th a n t h e y w e re re c e n t ly , e ve n
if th e n u m b e r is a d m itte d ly la rg e r th a n a y e a r a g o . O n th e
o th e r h a n d , th o w e a th e r in th o c o rn b e lt has r e c e n t ly been
to o co o l a n d w e t a n d e x p o rts o f w h e a t a re n o t as la rg e as t h e y
re c e n t ly h a v e b e e n . T h e n w e h a v e th e q u e s tio n o f o u r re ­
la tio n s w it h G e rm a n y s till o p e n a n d th e M e x ic a n p ro b le m
is v e r y f a r fro m b e in g s o lve d . T h o fe e lin g th ro u g h o u t tho
c o u n t r y is n e v e rth e le s s o n th e w h o lo one o f co n fid e n ce .
I t is h o p e d th a t a w a y w ill bo fo u n d to in cre a se th o e x p o rts
o f c o tto n , w h ic h h a v e been re s tric te d b y th e B r it is h e m b a rg o .
F r o m p re s e n t a p p e a ra n c e s, G r e a t B r it a in w ill n o t declaro
c o tto n c o n tra b a n d o f w a r. M o r e o v e r , th e F e d e ra l R e s e rv e
b a n k s s h o w a d is p o s itio n to a ffo rd a ll p ro p e r a c c o m m o d a tio n
in th e m a tte r o f fin a n c in g c o tto n a t th o S o u th , so t h a t an
u n d u e p re ssu ro o f c o tto n o n th o m a rk e t, o v e n if e x p o rts
s h o u ld bo re ta rd e d , m a y th u s bo o b v ia te d .
L A R D d u ll; p rim e W e s te rn 8 .20c.; re fin e d f o r th o C o n ­
tin e n t 8 .7 0c.; S o u th A m e ric a 9 .05c.; B r a z il 10.05c. F u tu r e s
h a v e d e c lin o d , o w in g p a r t ly to lo w e r p rice s fo r h ogs a n d p a r t ly
to a d e clin e in o th e r p ro v is io n s . M a n y sto p o rd e rs h a v e been
m e t in so ilin g o u t la rd a n d rib s . T o - d a y prieos a d va n c e d .

is d o in g v e r y w e ll, a lth o u g h th e w e a th e r re c e n tly h as n o t
been a lto g e th e r s a tis fa c to ry .
C O P P E R has been d u ll a n d w e a k e r; L a k o 1 9 @ 1 9 M c e le c tro ly tic 1 8M c. L o n d o n p ric e s h a v e also d e c lin e d . T i n
o n th e s p o t h e re d ro p p e d to 35^4 ce n ts w it h lit t le bu sin ess.
L o n d o n p ric e s h a v e also fa lle n , o w in g to la rg e r o ffe rin g s .
S p e lte r h e re on th e s p o t w a s q u o te d d o w n to 1 8 K c ., w it h
tra d e d u ll. L o n d o n p ric e s h a v e also d e c lin e d . L e a d h e re o n
th o s p o t, 5 .4 7 K c ., a n d q u ie t. R u s s ia , h o w e v e r, is said to be
in q u irin g f o r 2,000 to n s h e re . P ig iro n m oo ts w it h m o re in ­
q u ir y . B u ffa lo fu rn a c e s h a v e sold sm a ll lo ts fo r 1916 doliv e rie s a t 50 to 75c. o v e r p re s e n t q u o ta tio n s . T h e d e m a n d
fo r steel is s h a rp in som e q u a rte rs . S tru c tu ra l steel is q u o te d
a t 81 30, b u t th e re a ro in tim a tio n s th a t th is n o w p ric e is
sha ded n o w a n d th e n . S om e E a s te rn m ills q u o te $1 25.
T h o ra te o f o u tp u t o f steel b y a la rg o co n ce rn is u p to 9 3 %
o f in g o t c a p a c ity . F u l l y a q u a rte r o f th o a c t iv i t y , h o w e v e r,
is fo r th e p u rp o se o f p ro d u c in g w a r m a te ria l. S e m i-fin ish e d
steel has ris e n s h a rp ly in th e E a s t , as fo re ig n d e m a n d h as
in cre a se d . Im p o r t a n t s h ip m e n ts h a ve been m ad e to F ra n c o
a n d G re a t B r it a in . A t P h ila d e lp h ia , 830 to 832 fo r re -ro llin g
b ille ts h as been a fe a tu re , a n d som e P e n n s y lv a n ia steel co m ­
panies re p o rt e ve n b e tte r p ric e s p a id . S c a rc ity o f b illo ts
has c a u g h t som o b u y e rs n a p p in g . S heet b a rs fo r p ro m p t
s h ip m e n t h a v e sold as h ig h as 823 a t Y o u n g s to w n .

COTTON
Friday Night, July 30 1915.
T H E M O V E M E N T O F T H E C R O P , as in d ic a te d b y o u r
to le g ra m s fro m th o S o u th to - n ig h t, is g iv e n b e lo w . F o r th e
w e e k o n d in g th is e v e n in g th o to ta l re c e ip ts h a v o re a ch e d
31,958 bales, a g a in s t 27,303 bales la s t w o o k a n d 29,625
bales th o p re v io u s w o o k , m a k in g th o to ta l re c o ip ts sinco
A u g . 1 1914 10,420,912 b a le s, a g a in s t 10,525,841 balos f o r
th o sam e p e rio d o f 1913-14, s h o w in g a decreaso sinco A u g . 1
1914 o f 104,929 balos.

Sat.

8.00
8.10
8.22

Mon.
7.75
7.85
7.95

Tues.
7.75
7.85
7.95

Wed. Thurs.
7.95

7.60
7.75
7.85

8.07
8.15

Fri.

8.00
8.10
8.17

P O R K u n c h a n g e d ; m ess 820 @ 82 1 ; cle a r 8 2 0 @ 82 2 ; fa m ily
821 @ 8 2 3 . B e e f, m ess, 818 5 0 @ 8 1 9 ; p a c k e t 817 @ 81 8 ;
fa m ily 8 1 9 @ 82 0 ; e x t ra In d ia m e ss .$ 2 9 @ 8 3 0 . C u t m e a ts
s te a d y a n d in sm a ll d e m a n d ; p ic k le d h a m s , 10 to 20 lb s .,
1 2 J4 @ 1 3 3 ^ c.; p ic k le d b e llies, 6 to 12 lb s ., 1 4 @ 1 4 ^ c . B u t ­
te r, c re a m e ry e x tra s , 26c. C h e e se, S ta te w h o le m ilk fre s h
fla ts , c o lo ro d specials, 1 4 @ 1 4 ^ c . E g g s , fre s h g a th e re d
a x tra s , 2 3 J^ @ 2 5 c .
C O F F E E q u io t; N o . 7 R io , 7 % c .; N o . 4 S a n to s, 9 ^ @
9 % g . ‘, f a ir to g o o d C u c u ta , 9 % @ 1 0 M c . C o ffc o fu tu re s
h a v o d e c lin o d . C a n a d ia n in te re s ts a ro said to bo h e d g in g
h ero a g a in s t th e ir h o ld in g s . B r a z ilia n m a rk e ts , to o , h a vo
w e a k e n e d u n d e r la rg o re c e ip ts . C o s t a n d fre ig h t q u o ta tio n s
h a v o d e c lin e d . S p e c u la tio n has been lig h t. T o - d a y p rice s
w o re h ig h e r. C lo s in g q u o ta tio n s w o ro as fo llo w s :
A u g u s t.. cts 6 .6 5 0 6 .8 7
September -.6 .6 1 ©6.6.5
O ctober_____ 6.62 © 6 .6 1
N ovem ber___6.63 @ 6 .6 5

December cts 6 .6 5 0 6 .6 8 A p ril____cts 6.86 0 6.88
J a n u a ry ___ 6.70 0 6.72 M a y ............. 6.01 @ 6 .9 3
F eb ru a ry___6.76646.77 J u n e _______ 6.96 0 6.98
M a rch ...........6 .8 1 0 6 .8 3

S U G A R q u ie t; c e n trifu g a l, 96-degrees te s t, 4 .8 0 @ 4 .8 3 c .;
m olassos, 89-degrees to s t, 4 .0 3 @ 4 .0 6 o . G ra n u la te d , lis t
p ric o w a s 6 .1 0c., b u t sales w e re re p o rte d a t as lo w as 6c. a n d
in P h ila d e lp h ia a t 5.90c. L a t e r it w a s c u t h e ro to 5 .7 0 @
5.80c. S u g a r fu tu re s h a v e d e c lin e d . S to p o rd o rs in S ep­
te m b e r w e re c a u g h t o n th e w a y d o w n . P ric e s h a vo rca ch o d
a n o w lo w lo v c l o n th is m o v o . T h is ten d s to ch e ck b o th d o ­
m e stic a n d E u ro p e a n bu sin e ss, in th e re a l a rtic lo . T o - d a y
p ric e s w e ro lo w e r. C lo s in g q u o ta tio n s fo llo w :
A u g u s t _cts 3 .5 O 0 3 .5 2 j D ecom b ercts3 .3 5 0 3 .3 6
September ..3 .5 3 0 3 .5 4 J a n u a ry ___ 3.08 0 3 .0 9
O ctober_____ 3 .5 6 0 3 .5 8 February----- 3 .0 8 0 3 .0 9
N ovem ber ..3 .5 3 0 3.55! M arch----------3 .1 3 0 3 .1 5

A p ril____cts 3 .1 5 0 3 .1 7
M a y .............3 .1 8 0 3 .2 0
J u n o .............3 .2 0 0 3 .2 3

O I L S , L in s e e d s te a d y; c i t y r a w , A m e r. seed 54c.; b o ile d
55c.; C a lc u tta 75c. C o c o a n u t o il s te a d y; C o c h in 9 @ 1 0 c ; C e y ­
lo n 9 @ 9 > @ . P a lm u n c h a n g e d a t 7 @ 7 3<c. fo r L a g o s . C o r n
h ig h e r a t 5 .6 6 @ 5 .7 1 c . C o d , d o m e stic d e c lin e d to 4 5 @ 4 6 c .
C o tto n s e e d o il s tro n g e r, 6.30c. f o r w in t e r a n d s u m m e r w h ite .
S p irits o f tu rp e n tin e 4 2 @ 4 2 J^ c . C o m m o n to g oo d s tra in e d
ro s in 83 25.
P E T R O L E U M in m o d e ra to d e m a n d a n d fir m ; re fin e d in
b a rre ls 7 .5 0 @ 8 .5 0 c .; b u lk 4 @ 5 c ., cases 9 .7 5 @ 1 0 .7 5 c.
N a p h t h a , 73 to 76 dogreos, in 100 g a llo n d ru m s , 233^e.;
d ru m s 88 50 e x t ra . G a s o lin o , 89 degrees, 26c.; 74 to 76
dogreos, 2 2 @ 2 4 c .; 67 to 70 degrees 22c. P ly m o u th , Illin o is ,
a d vic e s sta to t h a t th o n e w H a m m p o o l in se ctio n 19 o f
L a m o in o T o w n s h ip is n o t d o in g w e ll a n d t h a t a ll in te re s t is
b e in g lo s t in i t . P ric e s w o ro u n c h a n g e d a n d as fo llo w s :
Pennsylvania dark 31 35
SecoruisaiHl______ 1 3 5
T io n a ____________ 1 3 5
C abell____________
97
M ercer black_____
97
New C astle______
97

C o rn in g ___
W ooster____
North Lima.
South Lima.
In d ia n a ___
Princeton__

. . . 83c. Somerset, 32 d e g .. 80c
. . . S I 05 R agland.................. 02c
80c. Illinois, above 30
degrees..... .......... 84c
___ 83c.
. . . 78c. Kansas and Okla­
homa _________ 40c.
. . . 84c.

T O B A C C O has been ra t h e r ste a d ie r, if a n y t h in g , w it h a
g ro w in g c o n v ic tio n t h a t th e tra d e in th o n e a r fu tu ro is lik e ly
to im p ro v e . C ig a r m a n u fa c tu re rs a re b u s ie r a n d th e ir sto cks
o f to b a cco in m a n y cases a re supposed to be d o w n to a p r e t t y
lo w sta g e . C u b a n lo a f is in f a ir d e m a n d . S u m a tra is se llin g
f a ir ly w e ll, a lso, th ro u g h ono d ra w b a c k is th e lo n g d e la y in
g e ttin g th o tob acco fro m H o lla n d . I n th e m a in th o n e w cro p



Total.

Mon. Tues. ' Wed. Thurs. Fri.

Sat.

D A I L Y C L O S IN G P R IC E S OF L A R D FU T U R E S IN C H IC A G O .
July d elivery______ cts .
September d olivory. ._
October delivery______

G alveston______

6,483

2,157
747

4,000

3,472

805

2,053

17,970
747

New Orleans____

553

1,342

3,621

749

32

202

6,481

4

2

9

6

11

458

490

774

724

955

368

353

311

3,485

268

11

14

19

9

3

324

* 54
373

32
116

_____
808

9
257

99
176

87
174

281
1,904

............

54

85

139

137

137

Jacksonville, &c_

W ilm in g to n ____
N ’port News, &c

Philadelphia____
Totals this w eek.

8,491

9,407

5,131

3,934!

1.485

3,510l 31,958

T h o fo llo w in g sh o w s th o w c o k ’s to ta l rocoip s, th o to ta l
sinco A u g . 1 1914 a n d th o sto ck s to -n ig h t, c o m p a re d w it h
la s t y e a r :

Receipts to
July 30.

1913-14.

1914-15.

Aug,
This \Since
This Since
Aug Week.
1 1913. |
Week.
I 1914.

Galveston----------Texas C ity ______
Port A rthur_____
Aransas Pass, & c.
Now Orleans____
G u lfp ort________
M o b i l e _________
Pensacola----------Jacksonville, & c.
Savannah----------B run sw ick______
Charleston______
G eorgetow n.........
W ilm ington_____
N o r f o l k ________
N ’port News, &c.
New Y o r k ______
P o s t o n _________
B altim ore_______
P h ila d elp h ia ___

17,970 4,014,604
747 502,329
56.976
61,886
6,481 1,877,771
5,322
165.825
"4 9 0
80,308
32,840
3,485 1,761,998
222,008
405,326
'" 3 2 4
l ,857
281 279,163
1,904 604,636
154,509
21,472
139
87,891
81,226
137
2,966

Stock.
1914.

1915.

112,991
4,323 3,,558,636
12,920
467,333
46,238'
966
112,861!
3,458 1 ,877,684' 153,105
176
-i:n! 436,157| 15,125
185.713,
____ I 29,852
63,735
1,322 1.840,604
4,000
' 291,409
235 424,8951 43,577
______ I
34,648
399,335
"2 4
43,054
3,0771 600,836
145,159
3,561
6,708 247,762
50
21,651
14,112
50
98,745
1,000
I 23,
2,049
3,314

T otals................1 3 1 ,9 5 8 1 0 42 0 9 1 2 ; 16,351 10525841

750,312!

29,396
2,357
37,916
" l" 8 1 5
324
11,282
1,058
9,011
16,024
103,350
5,919
5,458
2,381
226.291

I n o rd e r th a t c o m p a riso n m a y bo m ad o w it h o th o r y o a rs ,
w o g iv o b e lo w th o to ta ls a t le a d in g p o rts f o r s ix soasons :

Receipts at—
G a lv e sto n ___
TexasCity,&c.
New OrleansM o b ile______
Savannah —
Brunswick---Charles ton,&c
W ilm in g to n ..
N o r fo lk _____
N ’port N .,& c.
All others____
T o t. this week

1915.

1914.

| 1913.

17.970
747
6,481
490
3,485

4,323
______
3,458
13 li
1,322

4,737
201
3,622
67
2,053

""3 2 4
281
1,901

” "235
24
3,077
3,561
223

152
37
2,394
669
595

16,354

14,527|

276
31,958|

1912.

1910.

1911.

2,876[

5,403

1,639

"2',20fJ
235!
1,445!

1.010
11
180

1,611
257
548

..........9
160:
1,171

.......... 7
93

36
42
706

""1 7 6 ,

'" 5 8 4

' i',652

8,277|

7,567

6,491

Sinco A ug. 1-1 10120012 10525841

T h e e x p o rts fo r th o w c o k e n d in g th is o vo n in g ro a ch a t o t a l
o f 63,743 ba les, o f w h ic h 14,196 w o ro to G ro a t B r it a i n ,
10,116 to F ra n c o a n d 39,431 to th o re s t o f th o C o n tm o n t.
E x p o r t s f o r th o w e e k a n d sinco A u g . 1 1914 aro as fo llo w s :

J uly 31 1915.]

THE CHRONICLE

Week ending
1 1914 to July 30 1915.
ExportedJulyto—30 1915. From Aug. Exported
to—
Exports
Great France .ncnt.Ac
Conti- Total. Great
from— Britaln.
ContlBritain. France, nenl. &c. Total.
Galveston.
Texas City.
Pt. Arthur.
Ar. Pass, Ac
New Orl’ns.
Gulfport...
M obile___
Pensacola-.
Savannah..
Brunswick.
Charleston.
AVHm’ton ..
Norfolk___
New York.
B oston___
Baltimore
Phlladel ’la.
P’tland, Me
San Fran
Wash’ ton
Ang.
Pembina..

9,787

5,000

14,787 1,342,158
1,500 430,193
51,329
11,395

4,290

255
28

5,015

14,567 15,327
05
93

878
878
14,748 14,748

Los

Total___

1,500

844
5
80
51
414
107
79
54
28
55
105,
54,
29,
2,

14,190 10,110 39,431 03,743 3.800,963

303,223 1,322,005 2,907,386
41,827 472,020
400
51,729
018
018
100,953 512,200 1,523,752
5,322
837
80,941
28,592
400
80,309
88,040 707,008 1,270,493
18,147
13,103 198,675
180,975 200,819
111 86
203,294
40,348
74,549
31,084 394,003 480,538
0,003 111,011
1,000
02,271
5,770
34,900
2,701
189,263 189,263
257,303 257,303
4,500
1,614
1,014

, ;

G79.241 3,853,873,8,340,077

1,898 22,050 33,202 3,487,970 1,088,5834,477,685,9,054,244

8,018

Note.— New York exports since Aug. 1 Include 9,548 balc3 Peruvian and 180 bales
West Indian to Liverpool, 50 bales Egyptian to Mexico.

I n a d d itio n to a b o vo o x p o rts , o u r te le g ra m s to - n ig lit also
g iv o us th o fo llo w in g a m o u n ts o f c o tto n o n s h ip b o a rd , n o t
clo a re d , a t th o p o rts n a m e d . W o a d d s im ila r fig u ro s fo r
N o w Y o rk .

July 30 at—
Now O rleans._
G a lv es ton ____
Savannah ____
C h a rle sto n ___
M o b ile _______
N o r fo lk ______
N ew Y ork ____
Other p orts___
Total 1 9 1 5 ..
Total 191 4 ..
Total 1 9 1 3 ..

On Shipboard, Not Cleared for—
Ger­ Other Coast­
Great France. many.
Foreign wise. Total. Leaning
Stock.
Britain.
3.144
5,139
3',452
f,6 6 o
12,735
4,900
1,903

24,609
9,555

935
2,950
'1 6 0
—
______

3,885
341
194

10 0

6,471
2,762

3,000
300
37,464
4,368
5,283

2,900
500

29,790
20,544
500

398

3",552
398
3,000
1,300

123,315
92,450
63,235
43,577
11,573
42,656
244,762
69,660

4,900 59,084
14,580 30,660
12,989 23,131

691,228
195,631
123,559

1 ,1 0 2

381

in g f u r t h e r in fo rm a tio n re g a rd in g w a re h o u s e fa c ilitie s a t th e
S o u th . N a t u r a ll y , th e b a n k s w ill re q u ire so u n d c o lla te ra l
in th e shape o f w a re h o u s e c e rtific a te s t h a t w ill m e e t a ll re ­
q u ire m e n ts . T e m p e ra tu re s h a v e la t t e r ly p re v a ile d in T e x a s
o f 100 to 109 a n d e lse w h e re 100 to 103. T o - d a y p rice s w e re
lo w e r. T h o w e a th e r c o n tin u e d g e n e ra lly h o t a n d d r y a n d
th o forecaso in d ic a te d n o im m e d ia te re lie f. S e ve ra l p r iv a t e
c ro p re p o rts w e re also o f a b u llis h te n o r. B u t th e re is q u ite
a g e n e ra l im p re s sio n t h a t th e G o v e rn m e n t re p o rt n e x t M o n ­
d a y w ill bo r a t h e r b e a ris h th a n o th e rw is e . B e sid es, s to ck s
a re so la rg e a n d e x p o rts so sm a ll r ig h t o n th o e ve o f a n o th e r
c ro p , w h ic h m a y t u r n o u t to bo r a t h e r lib e ra l f o r a ll a n y b o d y
n o w k n o w s to th e c o n t r a r y , t h a t th e re is lit tle d is p o s itio n to
ta k o th e a g g re s sive o n th e b u ll sid e, espeojially as th e G e rm a n
q u e stio n is n o t y e t s e ttle d . S p o t c o tto n closed a t 9.30c. f o r
m id d lin g , s h o w in g a n a d va n c e o f 5 p o in ts fo r th e w e e k .
T h o fo llo w in g a ve ra g e s o f th o d iffe re n c e s b e tw e o n g ra d e s ,
as fig u re d fro m th o J u l y 29 q u o ta tio n s o f th o n in e m a rk e ts ,
do sig n atod b y th o S e c re ta ry o f A g r ic u ltu re , a ro th o d iffe r­
ences e s ta b lish e d f o r d e live rie s in th o N e w Y o r k m a rk o t o n
A u g u s t 5.
Middling fair----------------------------------1.07onGood middling "yellow” tinged.0.01 off
Strict good middling____________ 0.77 on Strict middling "yellow” tinged.0.22 o ff
Good middling_________________0.52 on Middling “ yellow” tinged_____ 0.51 off
Strict middling.......................
0.25 on Strict low mid. "yellow” tlnged.0.99 off
Strict low middling_____________ 0.42 off Low middling “ yellow” tinged.. 1.53 off
Low m iddling..................................0.97 offMiddling “ blue” tinged________ 0.82 off
Strict good ordinary________________1.53offStrict low mid. "blue” tinged___ 1.21 off
Good ordinary______________ ..2.14 off Low middling "blue" tinged___ 1.77 off
Strict good ndd. "yellow” tinged.0.30 on Middling “ stained” ____ ________1.14 off

T h o o ffic ia l q u o ta tio n f o r m id d lin g u p la n d c o tto n in th e
N o w Y o r k m a rk e t each d a y fo r th e p a s t w e o k has boon :

July

to July

24
30—
S at. M on .
9.05
M iddling uplands_____________ 9.20

Tues. Wed. Thurs.
9.10

9.35

9.35

Fri.

9.30

N E W Y O R K Q U O T A T I O N S F O R 32 Y E A R S .
T h o q u o ta tio n s f o r m id d lin g u p la n d a t N o w Y o r k o n
J u l y 30 fo r each o f th o p a s t 32 yo a rs h a v o boon as fo llo w s :
1915-C -. . . . 9.30
1914____ ...1 2 .5 0
1913____ ...1 2 .0 0
1912____ ...1 3 .1 0
1911____ ...1 3 .2 5
1910____ ...1 5 .2 5
1909____ ...1 2 .8 5
1908____ ...1 0 .7 0

1907.c - - ...1 2 .9 0
1906____ ...1 0 .9 0
1905____ — .11.10
1904____ ...1 0 .7 0
1903____ — .1 3 .4 5
1902____ . . . 9.00
1901____ . . . 8.06
1900____ ...1 0 .0 6

1899.c _____
1898..............
1897..............
1896_______
1895— ..........
1894_______
1893_______
1892..............

6.12
6.06
8.00
7.44
7.00
6.94
8.06
7.50

L891.C............ 8.00
18^90------------ 12.31
1839...............11.31
1888............... 1 1 .0 0
1887..............10.00
1 8 8 6 ............ 9.56
1885...............10.44
1884............... 1 1 .0 0

M A R K E T A N D SALES A T N E W Y O R K .
S p e c u la tio n in c o tto n f o r fu tu ro d e liv e r y has been o n a m o d ­
e ra te scale, w it h p ric e s, as n o t u n u s u a l in those w a r tim e s,
Futures.
SALES.
irre g u la r. T h o s in k in g o f th o L e e la n a iv o ff th o co a st o f
SpotClosed.
Market
Market
S c o tla n d , as re p o rte d o n th o 2 6th in s t., caused a su d d e n
Closed.
Spot. Contr cl Total
b re a k o f 25 to 30 p o in ts , O c to b e r fa llin g to 8 .9 2 c., b u t la te r Saturday___ Quiet 5 pts d e c_____ Steady_________
214
214
in th o w e e k it ra llie d to 9.46c. o n re p o rts o f d r y w e a th e r b o th M o n d a y ___ Quiet 15 pts d o c___ Very steady___
600
600
u e s d a y ___ Quiet 5 pts adv
Steady_________
east a n d w e s t o f th e M is s is s ip p i a n d o f a de cline in th o c o n d i­ T
W ednesday . Steady 25 pts a d v .. F ir m __________
tio n o f th o c ro p . D r o u g h t in S o u th e rn T e x a s c o n tin u e s , Thursday . . Steady_____________ Barely s te a d y ..
600
600
a lth o u g h th e re w e re s lig h t ra in s h e re a n d th e ro . S h e d d in g F riday_____ Quiet 5 pts d e c ____ Steady_________
has been re p o rte d ca st o f th o M is s is s ip p i o w in g to re c e n t d r y
T otal
1,414
1.200
w e a th o r. In a lm o s t a ll th o S ta te s som e d e to rio ra tio h is re p o rte d
d u rin g J u l y . T h e w e e k ly G o v e rn m e n t w e a th e r re p o rt, re c e ive d
F U T U R E S . — T h o h ig h o s t, lo w e s t a n d c lo s in g p ric e s a t
o n W e d n e s d a y , s ta te d th a t d ro u g h t w a s b e c o m in g seriou s
N
o
w Y o r k f o r th o p a s t w e o k h a v e been as fo llo w s :
in T o x a s a n d th a t m o ro ra in is need ed o v e r m u c h o f th o re ­
m a in in g p o rtio n s o f th o b e lt. D a m a g o b y b o ll w e e v il c o n ­
Saturday,
Friday,
tin u e s in A la b a m a a n d M is s is s ip p i. A s re g a rd s th e G e rm a n
July 24. Monday,
July 26. Tuesday,
July 27. Wed'day,
July 28. Thursd'y,
July 29. July
30. Week.
r o p ly to th o re c e n t A m e ric a n n o te , it is in tim a te d t h a t it m a y August—
_____
n o t com e fo r p o s s ib ly s ix w e e k s . I n t h a t tim e m u c h m a y h a p ­
S.65-.76 8.67-.72 8.89 —
llange____
— --------8.65-.89
Closing___ 8.83-.S5 8.70 — 8.69 — S.95-.97 8.93-.95 8.90-.92-------- —
p e n to lessen e x is tin g fric t io n . A n d th o o u tlo o k fo r e x p o rts
—
s o im s to som e ra t h e r m o ro e n c o u ra g in g . T h o o th e r d a y th o September
________
_____
8.90 — 9.02-.03 9.30 — ------------- 8.90-.30
llange____
Closing___ 9.03- .05 8.03-.95 S.92-.94 9.21-.25 9.1G-.2S 9.0S-.10------------U n d e r S e c re ta ry o f F o re ig n A f f a ir s in tim a te d in th o H o u s o o f
—
C o m m o n s th a t th o B r it is h G o v e rn m e n t h a d so in te n tio n o f October
R a n g e .__ 9.16 .19 8.92-.IS 9.06-.14 9.15-.39 9.32-.45 9.26-.46 8.92-.46
d e c la rin g c o tto n c o n tra b a n d . O n th o q u e s tio n o f th o e m ­
Closing___ 9.17-.18 9 0G-.0S 0.09-.10 9.38-.39 9.33-.34 9.30-.31------------—
b a rg o e sta b lish e d som e tim e ago b y G re a t B r it a in a n d th o n o to November
------------ 9.55 — -------- ---- -------------9.55 —
—
Range____ —
ro c o n tly se n t to th o U n it e d S ta tes G o v e rn m e n t b y G re a t
Closing__
9.29 — 9.18 — 9.21 — 9.53 — 9.48 — 9 .4 5 ----------------December
—
B r it a in , a p p a re n tly in s is tin g o n its c o n tin u a n c e , it n o w a p ­
Range___
9 .43-.48 9.17-.45 9.31-.40 9.42-.6S 9.60-.75 9.56-.75 9.17-.75
pea rs t h a t E a r l G ro y has re q u e s te d t h a t th o n o to bo w ith h o ld
Closing__
9.44-.45 9.32-.33 9.37-.3S 9.67-.08 9.62-.C3 9 .6 0 ----------------—
fro m p u b lic a tio n in th o U n ite d S ta te s, as E n g la n d p u rpo so s January
Range____ 9.53-.57 9.25-.56 9.41-.50 9.53-.79 9.71-.86 9.66-.86 9.25- .86
to sond a s u p p le m e n ta ry n o to o n th o s u b je c t. I t is h o p e d
Closing___ 9.51-.55 9.41-.42 9.47-.48 9.78-.79 9.72-.73 9 .70-.71------------t h a t th is is th o p re lu d e o f a ch a n g e o f p o lic y o n th o p a rt February—
Range........
o f G r e a t B r it a in , A vh e ro b y tho s e izu re o f A m e ric a n ships
Closing___ 9.64 — 9.51 — 9.57 — 9.8S — 9.82 — 9 .8 0 ----------------w ill coaso. T h a t w o u ld bo a d is tin c t re lie f to th o A m e ric a n March—
Range____ 9.79-.81 9.58-.76 9.65-.75- 9.78-.05 9.98-. 10 9.92-.08 9.58-.10
c o tto n tra d o . A ls o o n W e d n e s d a y la s t e xp o rts fro m A m e r i­
Closing___ 9.79-.SI 0.66-.67 9.72-.71 10.01-.05, 9.90-.97 9.95-.90------------can p o rts s u d d e n ly in cre a se d , p o s s ib ly f o r rea son s ju s t a l­ April—
!
lu d e d to , th o u g h p o s s ib ly also o n th e u su a l m o n th -e n d b u si­
Closing___ 9.89 — 9.76 — 9.82 — 10.14 — '10.00 — 10.05 ----------------ness. I n a n y case, th e w e a th e r n e w s r a t h e r th a n p o litic s has May—
.
'
1
Range____ 9.99-.01 9.81-.90 9.90-.07 10.05-.27110.27-.31 10.14-.22 9.81-.31
la t t e r ly d o m in a te d th o m a rk e t. I t w a s fe a re d th a t tho lo n g Closing___ 10.00-.01 9.S9-.90 9/J3-.95 10.25-.27.10.16-.18,10.1G-.18------------o xp e cte d a n d m u c h -d re a d e d w e a th e r scare m ig h t com e June—
I
Range____
th ro u g h th e p re va le n c e o f d r y w e a th e r o v e r la rg o areas o f th e
Closing___ 110,10 — 1 9.99 — 10.03 — 110.36 — 10.26 — !1 0 .2 6 ----------------b e lt east a n d w e s t o f th o M is s is s ip p i R i v e r , w it h p e rh a p s a t­
te n d a n t h ig h te m p e ra tu re s . O n the o th e r h a n d , tho re c o n t
Q U O T A T IO N S F O R M ID D L IN G C O T T O N A T O T H E R
h o t w e a th e r has h elp e d to keep d o w n th o b o ll w e e v il in
T o x a s , a n d , ta k e n as a w h o le , th o c ro p o u tlo o k to m a n y docs M A R K E T S . — B e lo w a ro th o clo sin g q u o ta tio n s o f m id d lin g
n o t a p p e a r to lie u n fa v o ra b le . O n th o c o n tr a r y , v e r y m a n y c o tto n a t S o u th e rn a n d o th e r p rin c ip a l c o tto n m a rk o ts fo r
re p o rts a re d is tin c tly e n c o u ra g in g . N o t a fo w h ere b c lie vo each d a y o f th o w e o k .
th a t a f a r la rg e r c ro p w ill be ra ise d th a n w a s g e n e ra lly e x ­
Closing Quotations for Middling Cotton on—
p e cte d a w h ile b a c k . C e r t a in ly it is n o t b e lie ve d t h a t tho
Week
------------------------------------------------------------------------ ----------------p la n t has re c e ive d a n y v e r y g ra v e s e tb a c k d u rin g J u l y , w h ic h
Julyending
30. —
Saturday.
Monday.; Tuesday. Wed day. Thursd’y.\ Friday.
is n o to rio u s ly one o f th e tw o c ritic a l m o n th s o f th e c ro p y e a r.
8.75
8.75
8.75
G a lv e s to n _____ 8.75
8.75
8.75
A u g u s t, o f co u rse , is s till to be facod . S p o t m a rk e ts h a v e N ow Orleans___ 8.63
8.63
8.63
8.69
8.69
8.69
8.18
8.18
8.18
8.18
been d u ll a n d n o w c o tto n has been o ffe re d o n q u ite e a sy te rm s . M o b ile ................ 8.18
8.18
_____ 8'A
8'A
8'A
8 9-10
8'A
8'A
L iv e r p o o l, it is tru e , has been b u y in g h ero ra t h e r fre e ly in Savannah
C h a rle sto n ____
liq u id a tio n o f stra d d le s, b u t s te a d y liq u id a tio n a n d n o t a lit - j W ilm ington____
8.25
8.38
8.50
o r fo lk _______ 8.38
8.50
8.50
tlo S o u th e rn se llin g h a ve a t tim e s been v e r y n o tico a b lo fa c - ' N
8 *A
8*4
B u llim o ro _____ 8 X
8U
8H
9.aV)
to rs . B e sid es, sto cks a t h om o a n d a b ro a d a ro w e ll k n o w n to Philadelphia---- 9.45
9.35
9.60
9.60
9.55
8.50
8.*38
8.38
8.50
A ugusta------------ 8.50
8.50
bo v o r y la rg o , a nd it lo o ks as th o u g h th o c a r ry - o v e r in to n e x t M
8.62
8.62
8.75
em p his______ 8.62
8.75
8.75
season w o u ld fa r exceed a n y to ta l o v e r be fo ro k n o w n . B u t St. Louis______ 8 Vs
8 V»
8 Vs
85-6
8A
8 *A
8.65
8.65
8.80
8.80
8.80
p la n s fo r fin a n c in g th o c o in in g c ro p a ro b e in g co n sid e red b y H o u s t o n ______ 8.65
8.50
8.50
8.50
8.50
Little Itoek____ 8.50
8.50
th o F o d o ra l R e s o rv o b a n k s a n d theso b a n k s a ro n o w a w a it­



[VOL. 101.

THE CHRONICLE

38 3

—
THE VISIBLE SUPPLY OF COTTON to-night, as made July 30—
Since1.
Week. Aug.
up by cable and telegraph, is as follows. Foreign stocks, Shipped
—
697,210
___ 2,406
2,406
Via St. L ouis........................................
as woll as the afloat, are this week’s returns, and consequently Via
326,610
...
991
C a i r o . . . -----------all foreign figures are brought down to Thursday evening. Via
4,470
R ock Island----------------------------­
159,897
...
398
L o u is v ille -----------------------------But to make the total the comploto figures for to-night Via
117,527
Via Cincinnati...................
796
(Friday), wo add the item of exports from the United States, Via Virginia points----------------------196,564
___ 2 583
538,511
...1 0 ,9 2 4
V ia other routes, & c---------------------10,924
including in it the exports of Friday only.
tr
1Gi.*
1,1_1
1—1D
iy

1915.
Stock at L iverpool________ .bales.1,462,000
______
43,000
Stock at L o n d o n -____ —
99,000
Stock at M anchester_____ ______

1914.
856,000
5,000
68,000

1913.
766,000
5,000
41,000

........... 1,604,000
......... ..
*2,000
______ *82,000
______ 266,000
......... ..
8,000
______
57,000
______ 329,000
______
*3,000

929,000
39,000
310,000
239,000
4,000
33,000
44,000
59,000

812,000
15,000
216,000
134,000
3,000
17,000
23,000
22,000

728,000

430,000

T otal Great B ritain____
Stock at Ham burg-----------Stock at B rem en ______ __
Stock at H a v r e __________
Stock at M a rseilles______
Stock at B a rce lo n a ______
Stock at G e n o a __________
Stock at T rieste----------------

T otal Continental stocks ...........

747,000

193,555
232,480
177,030

. . . . 2,495

603.065

498,000

East Indian, Brazil, &c

T otal A m erican..........................3,260,456 1,679,816 1,333,551 1,618,830
.—
Liverpool stock ________
264,000
238,000
200,000 127,000
L ondon stock ____________________
43,000
5,000
5,000
10,000
M anchester stock ....... .............
19,000
22,000
11,000
23,000
*142.000
153,000
50,000
29,000
Continental stock ....... ...............
India afloat for E u rop o__________
52,000
162,000
92,000
86,000
E gy p t, Brazil, & c., a flo a t ..............
12,000
43,000
28,000
23,000
Stock in Alexandria, E g y p t........... 143.000
107,000
91,000
51,000
Stock in B om bay, India_________ 737,000
767,000
771,000 519,000
T otal East India, & c .................... 1.412,000 1,497,000 1,248.000 868,000
T otal Am erican........................... 3,260,456 1,679,816 1,333,551 1,618,830
T otal visible sup p ly.................... 4,672,456 3,176.816 2,581,551 2,486,830
6.57d.
7.37d.
MXiddling
iddling Upland, L iverpool-------5.34d.
6.66d.
12.10c.
13.10c.
M iddling Upland,
N ew Y o r k . . . .
_________
, ________
9.30c.
12.50c.
9.85d. 11 l-16d.
E gy p t, G ood Brown, L iv e r p o o l..
7.85d.
9.10d.
8.85d.
9.50d.
Peruvian, R ough G ood , Liverpool 10-90d.
8.75d.
6H d.
6
B roach, Fine, L iverpool................
5.15d. 5 13-16d.
5.27d.
5J£d. 6 3-16d. 6 9-16d.
Tinnevelly, G ood , L iverpool____
* Estimated.

%il.

Continental imports for past week have been 21,000 bales.
The abovo figures for 1915 show a decrease from last week
of 294,353bales, a gain of 1,495,640 bales over 1914,anexcoss
of 2,090,905 bales over 1913 and a gain of 2,185,626 bales
over 1912.
AT THE INTERIOR TOWNS the movement—that is,
the receipts for the woek since Aug. 1, the shipments for
the week and tho stocks to-night, and the same items for the
corresponding period of the previous year—is sot out in de­
tail below.

Movement to July 30 1914.
Movement to July 30 1915.
Receipts.
Ship­ Slocks
Ship­ Stocks
Receipts. ments.
ments. July
July
Week. I Season. Week. 30. Week. | Season. Week. 30.
22,870
7
701
25,280
26 8,399
18
126 161,360
123 2,915
207,364 1,582 52,737
47Z
2 129,455
633
282 20,139
5
118 139,139
164
520
334

1,100

1,338
2,432
275
143
100

822
132
113
300
253
170
2;406
75
3,110

1,083
9,215
8,738
11,262
6,248
67,288
20,488
4,755
4,155
28.211
2,924
4,566
3,000
11,479
3,097
4,496
3,891
17,814
188
16,376

4",992
4,788 79,556
385
19
2
1,296
’ §71

'650

9',693 52',907

Total, 33 towns 12,892 8,144,38ll SO^^SO.SesI

65,811
190,219
28,460
25 118,634
15 232,698
148 376,903
84,808
30
51,536
3
58,722
87
195,330
38.201
84.837
142,295
35,075
19,606
34,377
40.838
1,284 574.018
6 15,249
1,279 257,639
37,135
24.950
1,2731 ,131,767
4
10,998
4
27,478
49,702
101,872
33.202
1,7182 ,973,817
114,94
177
89

235
1,483

SS8

1,253
200

’ 350
451
500
81
100

1,201

7,812
905
3,397
1,400
10,053
2,035
56
3,210
3,496
76
707
4,000

2,100

1,100

710
193 1,204
1,381 15,125
20

1,575 13,360
567
2,314 16,708
130
35
437
166

539

,196 24,007

6,31117,464,912] 15,90l|l20,989

Tho above totals show that the intorior stocks have de­
during tho weok 17,861 bales and are to-night 329,376
bales more than at tho samo time last year. The receipts at
all towns have been 6,581 bales moro than the samo week
last year.
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.—Wo give below a statement showing tho
overland movement for tho week and since Aug. 1, as made
up from telegraphic roports Friday night. Tho results for tho
week and since Aug. 1 in tho last two years are as follows :
creased




586,922
409,506
6,780
122,342
119,651
167,576
345,292

1,381
939
„

.

205
152
698
107

3,482 1,758,069
223
4,008
3,917

129,153
204,133
190,955

8,148

524,241

a4,666 1,233,828

♦Including m ovom ont b y rail to Canada. ,0 D eficit.

The foregoing shows the week’s not overland movomont
has beon 15,603 bales, against ------ bales for tho week last
year, and that for tho season to date the aggregate not over­
land exhibits a decrease over a year ago of 203,896 bales.

--------- 1913-14— -—
TT/ .
. £ m1
ce
1.
Receipts at ports to July 3 0 .......... 31,958 10,420,912
16,354 10,525,841
N et overland to July 30--------------- 15,b03 1.437,724
«4,666 1,233,828
Southern consum ption to July 3 0- 64,000
3.146,000
58,000 3,125,132

In SightTakinai
and Spinners

---------1 9 1 4 -1 5 -;

sinc,e1.
Aug.

Week.

111,561 15,004,636
330,226
.*17,681
Interior stocks in excess_________*17,681
, 93,880

66,000

Ala., Eufaula..
Montgomery .
Selma___
62.383
Ark., Helena..
'2 2 2 206,121
Little R ock ..
32,290
22
Ga., Albany__
810 123,639
Athens__
211 191,243
Atlanta______
1,142 457,207
Augusta . .
98,817
30
Colum bus__
37,883
77
M a co n __
67.520
70
R o m o ___
184 160,399
La., Shreveport
33,525
64
Miss .Columbus
73.729
Greenville__
135,074
Greenwood . .
54,315
149
Meridian___
22,067
15
Natchez . .
38,579
15
Vicksburg__
39.397
Yazoo C ity ..
M o., St. Loul3. 1~ 971 708,376
14.878
42
N. C ., Raleigh.
1,915 328,676
O.
, Cincinnati.
10,354
Okla., H u g o...
26,546
S.C., Greenw’d
Tenn.,Memphis 1,5791 ,070,40
8,250
Nashville___
20,023
Tex., Brenham
46,476
Clarksville___
200 125,787
Dallas___
24,624
Honey Grove.
3",554 3 ,437.762
Houston..
116,25
Paris________

Since1.
Week. Aug.

....1 5 ,6 0 3 1,437,724

T otal visible su p p ly____________4,672,456 3,176,816 2,581,551 2,486,830
O f the abovo, totals o f American and other descriptions are as follows:
—
664.000
L iverpool stock ___________ b a les-1,198,000
618,000 666,000
M anchester stock ________________
80,000
46,000
30,000
469.000
Continental stock _________________ *605,000
575,000 380,000
90,934
93,740
58,114
American afloat for E u rop o_____ 174,485
228,269
U . S. port stocks________________ 750,312
227,482 146,690
98,904
U . S. interior stocks_____________ 450,365
120,139 143,458
1,723
U . S. exports to d a y _____________
2,294
455
9,289

Towns.

276
___
24
Between interior towns ................
. . . . 2,195
Inland, & c., from South--------------2,195

a____

_. _1 m

___ 18,098 2,040,789

Deduct
Shipments— _
„
Overland to N . Y ., B oston, & c . . .

T otal European stocks________ 2,351,000 17657,000 1,242,000 1.388,000
India cotton afloat for E uropo___
52,000
162,000
92,000
86,000
Am er. cotton afloat for E u ro p o ._ 174,485
92,740
58,114
90,934
E gy p t, B razil,& c.,afloat for E ur’po 12,000
43,000
28,000
23,000
Stock in Alexandria, E g y p t--------- 143,000
107,000
91,000
767,000 771,000 519,000
Stock in B om bay, India................. 737,000
Stock in U. S. p o r t s . . . ................... 750.312
227,482
146,690 228,269
Stock in U. S. interior towns____ 450,365
120,139
143,158
98,904
2,294
455
9,289
1,723
U . S. exports to d a y ______________

American

.

)

8,662

Week. Aug.

69,688 14,884,801
*9,590
60,098

15,334,862
3,169,038

14,884,801

20,284

2,749.054

Note

♦Decrease during woek. a Less than A ug. 1.
.— T he 1913-14 figures abovo are tho rovised final rosults for that
season.
.

Movement into sight in previous years :
Bales.

Week

Bales.

Week
ft

I
—
__
1913— A u g. 1 . ............................64,333 1911— Aug. 4 ........ ....................... 48,142
1912— A ug. 2 .................. ............ 53,443 11910— A ug. 5 . . . .........................29,357

NEW ORLEANS CONTRACT MARKET.—Tho high­
est, lowost and closing quotations for leading contracts in tho
Now Orleans cotton market for tho past week have been as
follows :
July
—
R a n g e --____
Closing______
October—
R ange-----------Closing---------December
—
R an ge-----------Closing______
January
—
R ange_______
C losing______
March
—
R an ge_______
Closing---------May
—
R an ge_______
Closing______
Tone
—
S p o t ___- - - - O p tio n s _____

Wed day, Thursd v, Friday,
Monday, July
Tuesday,
Saturday, July
27. July 28. July 29. July 30.
26.
July 24.
8.66 —
8.60-.65 ---- ---. --- _ _ — — — — — — — — — — —
9.09-.28
.30
8.80—
9.00.05 03 8.88—98 8.98-.22 9 .1 8 9.11—12
.20
8.94-.95 9.21-.22 9.198.88-,89
9 .0 0 01
9.239 .2 3 -

9.12-.21
9.01—25
.27
9 .1 7 -1 8
9.11—12
,24

9.21.-46
9.45—46

9.42-.55
9.44—45

9 .3 5 9 .3 6 -

.52
.37

9 .3 4 9 .3 5 -

9.15—37
.35
9 .2
3 -2 4
.36

9.27-.33
9.29-.30

9 .3 5 -5 7
9.57-.58

9 .5 7 9 .5 7 -

9 .4
7.66
9.48—
.58

.63
49

9.58 —
9.56-.57

9.71-.79 9.80-.85
9.47—48
9.46—47 ~9.51-.52 . 9.78—79 9.78—79

9.69-.71

9 .7 7 -7 9
9.76—77

9 .6 6 -6 7

9.71-.72

9.98-.99

9.94-.99
9.98—99 9.89-.91

Easy.
Steady.

Quiet.
Steady.

Quiet.
Steady.

Steady.
Steady.

Steady.
Steady.

Steady.
Steady.

WEATHER REPORTS BY TELEGRAPH.—Our advices
by telegraph from the South this evening indicate that dry
weather and high temperature have prevailed quite generally
at the South during the week, aiding the rapid maturing of
cotton. Rain is claimed to be needed in some sections and
in others would be beneficial, although there is no complaint
as yet. Boll-weevils and insects are less active in Texas.
Galveston, Tex.—Light rains occurred at scattered localities
in Texas, but were too light to bo of any spocial benefit.
Deterioration from continued drought is reportod from
Southwestern Texas. Weevils and insects aro loss active.
Wo havo had rain on one day during tho past week, to the
oxtent of sixty-four hundredths of an inch. Average ther­
mometer 82, highest 88, lowost 76.
.
Abilene, Tex.— We havo had a trace of ram on one day of
tho week. Tho thermometer has avoragod 83, the highest
being 98 and the lowest 68.
.
„ ,
Brenham, Ter—There has been ram on two days of tho
past woek, to the extont of thirty-two hundredths of an inch.
Tho thermometer has averaged 82, ranging from 66 to 98.
Cuero, Tex.—It has rained on two days of the weok, tho
precipitation being sixty-seven hundredths of an inch. The
thermometer has ranged from 62 to 100, averaging 81.
Dallas, Tex.—Wo havo had no rain tho past week. Aver­
age thormometor 82, highest 96, lowest 68.
Henrietta, Tex.—Thero has beon no rain during the week.
Tho thormomoter has averaged 82, tho highost being 102
and the lowest 62.
, .
Huntsville, Tex.—Thero has boon no ram tho past weok.
The thermometer has averaged 78, ranging from 60 to 96.
Kerrville, Tex.—It has beon dry all tho weok. Tho ther­
momotor has ranged from 52 to 98, averaging 75.
Lampasas, Tex.—It has rained on ono day of tho weok.
tho rainfall being fifty hundredths of an inch. Average ther­
mometer 78, highest 100 and lowest 56.
Longview, Tex.—It has boon dry all tho weok. Tho ther­
mometer has avoragod 82, the highest being 102 and tho low­
est 62.
.
Luling, Tex.—There has beon no ram the past weok. Tho
thormomoter has averaged 80, ranging from 62 to 98.

J uly 31 1915.]

THE CHRONICLE

383

Nacogdoches, Tex.— I t lia s been d r y a ll th o w e o k . T li o
M ila n , T e n n .—We havo had no rain during tho weok.
th o rm o m o to r lia s ra n g e d fro m GO to 90, a v e ra g in g 78.
Tho thermometer has averaged 77, tho highest being 96
Palestine, Tex.— W o h a v e h a d n o ra in th o p a st w e o k . and tho lowest 59.
A v o ra g o th e rm o m o te r 80, h ig h e s t 96, lo w e s t G4.
T allah a ssee, F la .—Rain has falleij on ono day of tho week,
Paris, Tex.— T h e r e has been n o ra in th o p a s t w e o k . T h o to tho extent of thirty-fivo hundredths of an inch. The
th e rm o m e te r has a ve ra g e d 82, th o h ig h e s t b e in g 102 a n d th e thermometer has ranged from 66 to 95, averaging 81.
lo w e s t G2.
Tho following statement wo havo also received by tele­
£ an Antonio, Tex.— W o h a v o h a d n o ra in d u rin g th o w e e k graph, showing tho height of tho rivers at the points named
at 8 a. in. of the dates given :
l l i o th e rm o m e te r has a v e ra g e d 82, ra n g in g fro m 66 to 98.
July Feet
30 1915. July 31 1914.
Taylor, Tex.— -It has ra in e d o n ono d a y o f th o w e e k , th o
.
Feet
.
N ow Orleans---------------A bov e zero o f gauge.
14.2
5.1
p re c ip ita tio n b e in g n in o t y h u n d re d th s o f a n in c h . M in i
M e m p h is -------------------- A bov e zero o f gauge.
28.6
11.0
m u m th o rm o m o to r G6.
N a sh v ille-------------------- A bove zero o f gauge.
8.4
8.1
A bov e zero o f gauge.
6.4
*2.5
Weatherford, Tex.— W o h a v o h a d n o ra in d u rin g th o w e e k Shreveport------------------Vmksburg--------- ------------A bov e zero o f gauge.
38.0
12.2
*Iielow zero o f guage.
M o a n th o rm o m o to r 80, h ig h e s t 100, lo w e s t GO.
r Ardmore, Okla.— T lio r o h a s been n o ra in d u rin g th o w e e k .
WORLDS SUPPLY AND TAKINGS OF COTTON.—
1 h e th e rm o m e te r has a ve rh g e d 81, th o h ig h e s t b e in g 101 a n d
Tho following brief but comprehensive statement indicates
th o lo w e s t 61.
a glance tho world’s supply of cotton for the week and
Mangum, Okla.— I t has been d r y a ll th o w e e k . T h e th e r at
since Aug. 1 for the last two seasons, from all aources from
m o m o to r has a ve ra g e d 82, ra n g in g fro m 62 to 102.
which statistics are obtainable ; also the takings, oi* amounts
Tulsa, Okla.— W o h a v e h a d n o ra in d u rin g tho w e e k . T h e gone out of sight, for tho like poriod.
th e rm o m e te r has ra n g e d fro m 63 to 97, a v e ra g in g 80.
Eldorado, Ark.— I t has been d r y a ll th e w e e k . A v e ra g e
Cotton Takings.
1914-15.
1913-14.
Week and Season.
th e rm o m o te r 79, h ig h e s t 100, lo w e s t 58.
Week.
Season.
Week.
Season.
Fort Smith, Ark.— I t has been d r y a ll th o w e e k . T h o th e r
4.966,909
3,403,501
m o m o te r has a ve ra g e d 82, th o h ig h e s t b e in g 100 a n d th o Visiblo supply A ug. 1. . _
3.176,816
2,581.551
lo w e s t 64.
American in sight to July 30
93.880 15 334,862
60.098 14,884(801
IJombay receipts to July 29____
2.679,000
10,000 3,746.000
Little Rock, Ark.— W o h a v o h a d n o ra in th o p a st w e e k Other India shipm ’ts to July 29 624.000
610.000
443.000
17,000 1,015,167
Alexandria receipts to July 28
61,000
T h o th e rm o m e te r has a ve ra g e d 79, ra n g in g fro m 61 to 96.
847.000
100 1,018,300
Other supply to July 28 *
65,000
238.000
8,000
389,000
Alexander, La.— T h c r o h as boon n o ra in d u rin g th o w e e k
T otal su p p ly________________ 5,100,789 22,718,678^,498,699
23,634,819
T h o th e rm o m o te r has ra n g e d fro m 62 to 99, a v e ra g in g 80.
Deduct—
Neiv Orleans, La.— T h e r e has been n o r a in d u rin g th o w e e k Visiblo supply July 30________ 4,672,456 4,672,456 3,176,816 3,176,816
A v o ra g o th e rm o m e te r 87, h ig h e s t 100 a n d lo w e s t 74.
T otal takings to July 3 0 .a ____
428.333 18,016,222 321,883 20,458,003
O f which A m erican__________
287.333 13,754,222
193,783 14,538.536
Shreveport, La.— T h e r o has boon n o ra in d u rin g th o w e e k
O f which other_______________
141,000 4,292,000
128,100 5,919,467
T h o th e rm o m o te r has a ve ra g e d 81, th o h ig h e s t b e in g 99
a n d th o lo w o st 64.
* Embraces roceipts in Europe from Brazil, Smyrna, W est Indies. &c.
o
cm,braces tho total estimated consumption b y Southern mills,
Columbus, Miss.— W o h a v e h a d n o ra in th o p a s t w e o k . 3,146,000
bales in 1914-15 and 3,125,132 bales in 1913-14— takings not
T h o th e rm o m o te r has a v e ra g e d 81, ra n g in g fro m 59 to 103 being available— and the aggregate amounts taken b y Northern and foreign
14,900.222 bales in 1914-15 and 17,332,871 bales in 1913-14, o f
Holly Springs, Miss.— W o h a v o h a d n o ra in d u rin g tho spinners
which 10,608,222 bales and 11,413,404 bales American,
o Estunated.
w e o k . T h o th e rm o m o te r has ra n g e d fro m 63 to 98, a v e r ­
a g in g 81.
COTTON CROP CIRCULAR.—Our Annual Cotton Crop
Vicksburg, Miss.— D r y a ll th o w e o k . A v o ra g o tliorm o m o- Review
will bo ready in circular form about Thursday,
t e r 82, h ig h e s t 95, lo w e s t 66.
Aug. 19. Parties desiring tho circular in quantities, with
Decatur, Ala.— T lio r o has been n o r a in d u rin g th o w e e k . their business card printed thereon, should send in their
T h o th e rm o m o te r has a vo ra g e d 80, th o h ig h e s t b e in g 98 orders as soon as possible, to securo early delivery. Pub­
a n d th o lo w e s t 62.
lication of this annual reviow has beon deferred this year
Mobile, Ala.— H o t , d r y w e a th e r is ca u sin g th o p la n t to to a somewhat lator date (after tho closo of tho cotton season)
m a tu re r a p id ly . C o n d itio n s a re s a tis fa c to ry a n d c o tto n is than has been our practice heretofore in order to afford more
o p e n in g fa s t on u p la n d s . R a in has fa lle n o n ono d a y d u rin g tuno for tho investigation of tho situation abroad.
th o w e o k , th o p re c ip ita tio n re a c h in g tw o h u n d re d th s o f a n
in c h . T h o th e rm o m o te r has a ve ra g e d 83, ra n g in g fro m
SAVANNAH’S FIRST NEW BALE.—Tho first balo of
77 to 97.
cotton of tho crop of 1914-15 to reach Savannah arrived there
Montgomery, Ala.— P ro s p e c ts c o n tin u o p ro m is in g . W o on tho 22d from Mitchell County, Ga. It classed good
h a v o h a d ra in o n fo u r d a y s d u rin g th o w e o k , th o ra in fa ll middling, was sold at 18 l-16c. per lb. to E. W. Rosenthal
b e in g n in o ty -s ix h u n d re d th s o f a n in c h . T h e th e rm o m o te r & Co. and immediately shipped to New York. Last year
tho first new balo was received on July 17.
has ra n g o d fro m 68 to 97, a v e ra g in g 82.
Selma, Ala.— W o h a v o h a d n o r a in d u rin g th o w e o k .
DOMESTIC EXPORTS OF COTTON MANUFAC­
A v o ra g o th o rm o m o to r 84, h ig h e s t 98, lo w o st 71.
TURES. Wo give below a statement showing tho oxports of
Madison, Fla.— W o h a v o h a d ra in o n ono d a y th o p a s t domestic cotton manufactures for May and for tho eleven
w e o k , th o ra in fa ll b e in g n in o h u n d re d th s o f a n in c h . T h o months ended May 31 1915, and, for purposos of comparison,
th o rm o m o to r has a ve ra g e d 83, th o h ig h o s t b o in g 94 a n d tho like figures for tho corresponding periods of tho previous
lo w o st 67.
yoar aro also presented:
Albany, Ga.— T lio r o has boon n o r a in th o p a st w e o k . T h o
th o rm o m o to r has a ve ra g e d 82, ra n g in g fro m 67 to 98.
Manufactures
Month ending May 31. 11 Mos. ending May 31.
Exported.of Cotton
Athens, Ga— D r y a ll th o w e e k . T h o th e rm o m e to r has
1915.
1914.
1914-15.
1913-14.
a ve ra g e d 81, ra n g in g fro m 62 to 99.
Piece goods..............................yards 43,689,999 29,938,677 349,035,691 382,986,682
Savannah, Ga.— I t has ra in e d o n ono d a y o f th o w e o k , th o Piece goods----------------------- value 53,088,775 S2,054,907 *25,380,180 $26,603,653
Clothing, &c.— Knit goods__ value 1,213,169
178,705 11,690,033 2,314,852
ra in fa ll ro a c h in g ono h u n d re d th o f a n in c h . M in im u m Clothing,
&c.— All other____ value 1,017,656
776,007 15,494,363 7,458,282
th o rm o m o to r 67, h ig h e s t 90, a vo ra g o 80.
Waste cotton...........
value
179,963
295,333 2,725,916 4,176,574
Yarn --------------------------------- value
200,505
88,286
1,424,167
671,406
Charleston, S. C.— T h e r o has boon ra in o n ono d a y d u rin g All other................................value 1.066,512
586,112 7,941,403 6,015,304
th o w e e k , to th o e x to n t o f th re o h u n d re d th s o f a n in c h . T li o
Total manufactures of___ vlaue 56,766,580 53,979,350 564,656,062 547,240,071
th o rm o m o to r has a vo ra g e d 80, th o h ig h e s t b o in g 89 a n d th e
lo w o st 70.
RECEIPTS FROM THE PLANTATIONS.—The follow­
Cheraw, S. C.— I t has been d r y a ll th o w e e k . T h o tlio ring table indicates the actual movement each week from the
m o m o to r has a Vo ra g od 78, ra n g in g fro m 59 to 97.
Spartanburg, S. C.— D r y a ll th o w e e k . T h o th e rm o m o te r plantations. Tho figures do not include overland receipts
nor Southern consumption; they are simply a statement
has ra n g o d fro m 63 to 100, a v e ra g in g 81.
tho weekly movement from tho plantations of that part of the
Charlotte, N . C.— T h o c ro p is m a k in g g oo d p ro g re ss, b u t crop which finally reaches tho market through the outports.
r a in w ill bo needed soon. D r y h e ro a ll th o w e o k . A v o ra g o
Week
Stock 1915.
at Interior
Towns- Receipts
from Plantation
at Ports-------th o rm o m o to r 79, h ig h e s t 95 a n d lo w o s t 63.
ending. 1915.Receipts1914.
1913.
1914. 1913.
1915
1914.
1913.
Juno
11. 33,102 49,234 35,551 589,616 239.300 270.799 20.379 20,022 10,840
Goldsboro, N. C.— I t has been d r y a ll th o w e o k . T h o th o r18. 29,037 47,984 30,264 571,352 220,845 251,025 10,743 29,529 10,490
m o m e to r h as a vo ra g e d 79, th o h ig h e s t b e in g 97 a n d th o
25. 30,014 30,500 27,262 549,238 202,124 227,688 7,900 11,779 3,925
July 2. 27,800 32,609 21,534 528,753 174,652 209,428 7,315 5,137 3,274
lo w e s t 61.
9. 24,259 24,319 21.44S 515,000 158,507 192.537 10,506 8,174 4,557
16. 29,625 20,222 20,061 491,785 144,499 173,609 6,410 6,214
Weldon, N. C.— W o h a v o h a d n o ra in d u rin g th o w e o k .
1,133
23. 27,303 13,096 18,042 468,046 129,729 158,015 3,564
2,448
T h o th o rm o m o to r has a ve ra g e d 77, ra n g in g fro m 60 to 94.
30. 31,958 16,354 14,527 450,365 120,139 143,458 14,277 6.764
Dyersburg, Term.— D r y a ll th o w e e k . T h o th e rm o m o te r
The above statement shows: 1.—That tho total receipts
has ra n g e d fro m 59 to 98, a v e ra g in g 78.
from the plantations since Aug. 1 1914 are 10,751,138 bales;
Memphis, Tenn.— T h o fir s t opon b o ll o f th o g ro w th , o f in 1914 were 10,523,553 bales. 2.—That although thoreceipts
1915 re a ch e d here o n T u e s d a y fro m C la rk s v illo , M is s . T h is at tho outports the past week were 31,958 bales, the actual
is to n d a y s la to r th a n la s t y e a r, b u t th re o d a y s a he a d o f th o movement from plantations was 14,277 bales, tho balance
a vo ra g o season. T h o cro p is d o in g w e ll g e n e ra lly , b u t boing taken from stocks at interior towns. Last year receipts
m o is tu ro w o u ld bo b e n e ficia l. I t has beon d r y a ll tho w e o k . from the plantations for the week were 6,764 bales and
A v e ra g o th o rm o m o to r 81, h ig h e s t 94, lo w e s t 65.
1913 they were------bales.



of

for

THE

384

B O M B A Y C O T T O N M O V E M E N T . — T h o re c e ip ts o f
In d ia c o tto n a t B o m b a y a n d th e s h ip m e n ts f o r th o w e e k
e n d in g J u l y 8 a n d f o r th e season fro m A u g . 1 f o r th re e
y e a rs h a v e boen as fo llo w s :
1912-13.

1913-14.

1914-15.

July 8.at—
Receipts

Since
I Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.

Bombay................................

44.000 44,000
1,000 38.000 35.000 74,000
19.000 26.0001 45,000

70.000 355.000 1.344.000 1.759.000
72.000 1,233,000 1.232.000 2.537.000
18.000 461.000 952,000 1.431.000
--------------

crease, c o m p a re d w it h la s t y e a r, in th e w e e k s re c e ip ts ot
6,000 bales. E x p o r t s re c o rd a loss o f 30,000 bales d u rin g
th o w e e k a n d sin ce A u g . l s h o w a decrease o f 778,000 ba le s.
A L E X A N D R IA R E C E IP T S A N D S H IP M E N T S O F
C O T T O N . — T h e fo llo w in g a re th o re c e ip ts a n d s h ip m e n ts f o r
th o w e e k o n d in g J u l y 7 a n d f o r th e c o rre s p o n d in g w e e k o f
th e tw o p re v io u s y e a rs :

Alexandria, Egypt,
July 7.
Receipts
(can tars)—
This w e e k -..........Since A ug. 1--------

1914-15.

9,876
6.323.271

1912-13.

1913-14.

4,500
7.632,896

1,500
7,464,351

This Aug.
Since1.
This Aug.
Since1.'| Week.
This Aug.
Since1. Week.
Week.

Exports (bales)—
To
To
To
To

L iverpool......................
M anchester--------------Continent and In d ia A m erica---------------------

5,241
3.829
659
3.991

207,234
149.429
277,779
162,917

2,750'210,640
____ '221,165
12,750 452,664
2,500| 86,303

3.000
2.750
6.750
1.000

206,000
207,432
408,171
124,965

T ota l exports-------------- 13.720l797.359 18,000 970,772 13,500 946,568

Note.— A

C O T T O N F R E I G H T S . — C u r re n t ra te s f o r c o tto n fro m
h le w Y o r k a ro as fo llo w s , q u o ta tio n s b e in g in ce n ts p e r p o u n d :
Liverpool, 1.00c. asked: M anchester, 1.00c. asked: H avro, 1.25c.: R ott irdam,
1.30c.: Genoa, 1.00c. asked: Naples, 1.15c. asked: Leghorn, 1.15c.
a
1

L I V E R P O O L . — Sales, s to c k s ,

July

g

cantar Is 99 lbs.

--------------- — „ -------------------------

T h e s ta te m e n t sho w s t h a t th e re c e ip ts f o r th o w e e k o n d ­
in g J u l y 7 w e re 9,876 c a n ta rs .and th e fo re ig n s h ip ­
m e n ts w e re 13,720 ba le s.
M A N C H E S T E R M A R K E T . — O u r r e p o rt re c o ive d b y
ca b le to - n ig h t fro m M a n c h e s te r s ta tes t h a t y a rn s a ro s to a d y ,
a n d th e g ra n tin g o f in cre a se d w a ge s to s p in n e rs s tre n g th e n s
th e m a rk e t. C lo th e s a ro q u ie t, w it h th e tra d e f o r In d ia
a n d C h in a s m a ll.
W o g iv e p rico s f o r to - d a y b e lo w a n d
le a vo tho so f o r p re v io u s w e e k s o f th is a n d la s t y e a r f o r

& c ., f o r

July

9.

16.
59.000
3,100
3,900
52.000
27.000
78.000

6,500
7,600

O f which speculators took -------O f which exporters t o o k ----------

26,000 2,755,000 32,000 13,699,000 27,000 2,665,000

Since August 1.
For the Week.
Exports
Japan
Conti­
Great
Japan
Great Conti­
from— Britain.
nent. AChina Total. Britain. nent. & China. Total
Bombay—
1914-15-.
1913-14..
1912-13--

[Vol. 101.

CHRONICLE

past w eek

July
23. July 30.
58.000
5.700
900
47.000
16.000
89,000

52.000
6,000
3,000
45.000
13.000
63.000

j
1
O f which A m erican____________ 1,429,000 1,358,000 1,309,000 1,198,000
T )tal
im ports o f tho w eek-----------40,000
37,000
52,000
15,000
Of
A m erican....................
20,000
17,000
38,000
4,000
98,000
78,000
56,000
63,000
nount a f lo a t .................................
O f which A m erican____________
57,000
43,000
28,000
40,000
— Increases: Brazilian, 944 bales: Egyptian, 5,037: Peruvian,
4 190* A frican, 509: total, 10,980. Decreases: American, 56,500 bales;
West Indian, 1,196: East Indian, 4,362; total, 62,098. N et decreaso,
51,098 bales.

A

which

Stock-Taking.

T h e to n e o f th e L iv e r p o o l m a rk e t f o r spo ts a n d fu tu re s
each d a y o f th e p a s t w e e k a n d th e d a ily clo sin g p ric e s o f
sp o t c o tto n h a v e been as fo llo w s :

Saturday. Monday. Tuesday. |Wednesday. Thursday. Friday.

Spot.
Market,
12:15
P. M .

{[
(

Moderate
demand.

Good
demand.

Quiet.

Good
demand.

Good
demand.

Good
demand.

M ld.upl’ds

5.21

5.15

5.15

5.20

5.30

5.34

Sales.........
Spec.&exp.

7,000
1,000

10,000
1,000

8,000
800

14,000
2,000

10,000
1,000

8,000
1,000

Futures.

Market
opened

Market,
4
P. M.

f

Quiet,
3@ 4 pts.
pts. dec.

Quiet,
Steady,
1)3 @2 pts. 7% @ 9%
pts. dec.
pts. adv.

Quiet at
1®3 pts.
decline.

Steady, Very st’ y,
Quiet,
Quiet,
Dull at
2 0 3 pts. 8@10 pts.
1)4 points 2 @ 2 % pts. unch. to
decline. 4 pts. adv. advance. advance.
decline.

Steady at
1 0 5 pts.
advance.

Quiet,
Quiet,
1 unchanged. 1@3 pts.
pts. dec.
/

T n e p ric e s o r III iiir u s a-o u i v u i p u u i l u r u a u n ua >y itru ^ i v e n
b e lo w . P ric e s a ro o n th o basis o f u p la n d , g o o d o rd in a r y
clau se, u nle ss o th e rw is e s ta te d .

Saturday. Monday. Tuesday. Wed'day. Thursday. Friday.
4 1234 4
12% 12K| 4 12K 4 12M 4 12
. p.m . p.m. p.m. p.m . p.m. p.m . p.m . p.m.
p.m. p.m. p.m . 1p .m
d. 04d. 03%
d. d. d. d. d. d. d. d.
d. 03%
d. 5 06%
08
07% 10
18
18

J u lv 24
to
J u ly 30. 12%

July
July-A ugOct.-N ov_
Jan.-Feb M ar.-Apr.
M ay-Juno . . . .

5 06% 03% 04
23% 24
5 26
39% 39%
5 42
49% 49 %
56% 5 6 %
5 69

03%
22
37
47
53%

08
25
39%
49%
56

07%
25
39
48
154%

10
18
27% !36%
42% 51%
52 161
58% 68

18
37
52
61%
68%

22
40
54%
63%
70%

23
40
53%
62%
69%

BREADSTUFFS

Friday Night, July 3 0 th 1915.
F l o u r h a s c o n tin u e d q u ie t. E a r l y in th o w e e k i t w a s co m ­
p a r a t iv e ly f ir m a t le a st s u p e rfic ia lly . B u t la t e r _o n th e to n e
8% lbs. Shirt­ Cot’n
834 lbs. Shirt- Cot’n
Mid. w a s h a r d ly so f ir m . B u y e rs s till h o ld a lo o f, h o p in g f o r som e
Mid. 32s
Cop
ings,
common
inos,
common
323 Cop
to finest. UpVs d e clino w h e n n e w w h e a t b e g ins to a rr iv o fre e ly . I n o th o r
to finest. Upl’s Twist.
Twist.
w o rd s , th e fe a tu ro o f th o flo u r m a rk o t to a ll in te n ts a n d p u r ­
d. s. d.
s. d. d.
s. d. 5.36 d.
d. 3. d.
J ’n^ d.
11
©
9% 6 6 @7 4% 5.37 10 7-160117-10 6 4 % @ 11 5% 7.87 poses is th e sam o as t h e y h a v o beon f o r m a n y w e e ks p a s t.
5.35 10 5-16 0115-16 6 4 ©11 4! s 7.68 B u y e r s p re fe r to lim it th o ir p u rch ase s to a c tu a l necessities.
©
8% 6 3 @7 5
18 s
25 SH
© 9 6 6 @ 7 4 5.20 10)4 © H % 6 4 ©11 4% 7.58 T h e y b e lie ve t h a t tho w h e a t c ro p is g o in g to bo one o f th e
July
7.48 la rg e s t, i f n o t a b s o lu te ly th e la rg o s t, o v e r ra ise d a n d th a t th o
5.20 10 % © 11)4 8 3 @11 3
6
2
© 98 X 66 33 @7
@11 1% 7.33
©© 1111 66 2%
6
5.17 10
9 3%
© 8 % 6 3 @7
2% @11 1% 7.35 e ffe c t ca n h a r d ly fa il to bo a sca lin g d o w n o f w h e a t a n d flo u r
5.15 10
07 6
16
©
7.38 p ric e s.
5.13 915-16® 10% 6 2 @11 0
6 3 07 6
So t h a t th e re ap p o ars to bo lit tle in c e n tiv e to b u y
23 3 yx
© 88 %
% 6 3 @7 6 5.34 9 11-16© 10% 6 1% @10 10% 6.66 o n a b ig scalo a t th o p re s e n t tim e .
30 8 5-■16 ©
W h e a t lia s b e e n e rr a tic . O n J u ly 2 6 J u l y r a n u p to 116Mc,
Total bales. o n ly to fa ll b a c k o n th o sam e d a y to 1 113^c. O t h e r d e live rie s
N E W Y O R K — T o Liverpool— July 23— C ym ric, 1 0 0 ---J u ly 28—
w e re also s tro n g > fo r a tim e , b u t re a c te d la te r. T h o s h a rp
255 declino o n th e 2 6 th in s t. a fte r th o e a r ly a d va n c e , w a s d u e to
A rabic, 155 W est In d ia n -------------- ------------------------------------ —
505
T o Havro— July 23— M usician, 5 0 0 ---J u ly 26— Ardgair, 5 -----th o s in k in g o f th e L e e la n a w o ff th o co a st o f S c o tla n d b y a
T o Archangel— July 23— Schr. Helen W . M artin, 5 ,8 2 3 --July 27
— D ivinsk, 5 52-------------------------------------------------------------------------. 6,380 G e rm a n s u b m a rin e , J u l y fa llin g 5 lA e , S e p t. 3 c. a n d D e c e m ­
T o Genoa— July 24— A ncona, 345__ Calabria, 1,764— Remcr,
b e r 33^c. fro m th e h ig h p ric e s o f th e d a y . S om e re c o v e ry
500___July 28— Dante Aleghieri, 1,250— July 29— Porto di
Savona, 1 ,5 7 5 ------------------------------------------------------------------------- 5,434 fo llo w e d , h o w e v e r, o w in g to w e t w e a th e r in th e w h e a t b e lt
100
T o Leghorn— July 24— Calabria, 100__________________________
M o re o ve r,
T o V ladivostock— July 24— C ity o f Lincoln, 1,500--------------------- 1.500 a n d re p o rts o f b la c k r u s t a t th e N o rt h w e s t.
T o China— July 24— C ity o f Lincoln, 1,000-------------------------------- 1,000 c o u n t r y o ffe rin g s w e re lig h t .
T lio ro has been a s te a d y e x p o rt
125
T o Venezuela— July 28—•Philadelphia, 125-------------------------------A ls o th o w o r ld ’s v is ib le s u p p ly
28 d e m a n d a t th o s e a b o a rd .
T o South A frica— July 29— Lord Tredegar, 28-------------------------G A L V E S T O N — T o Liverpool— July 27— N orwegian, 9,787------------ 9,787 decreased la s t w e o k 6,700,000 b u sh e ls, in s h a rp c o n tra s t
T o Havre— July 27— Georgie, 5 ,0 0 0 -.--------------------------------------- 5.000 w it h an in cre a se in th e sam o w e o k la s t y e a r o f 6,350,000
T E X A S C I T Y — T o M exico— July 26— Falk, 1,500--------------------------- 1.500
So th a t th o w o r ld ’s s to c k o f w h e a t is n o w d o w n to
N E W O R L E A N S — T o Liverpool— July 24— M edian, 3,407.............. 3,407 b u sh e ls.
T o Havro— July 28— M anxm an, 4,611....... ...................................... 4,611 71,680,000 b u s h e ls , o r 3 4 ,000,000 b u she ls less th a n a y e a r a g o ,
T o Oporto— July 27— Josefa R aich, 3,000.................... ................... 3.000
Dam ­
377 a n d 40,000,000 bu she ls loss th a n a t th is tim o in 1913.
T o Barcelona— July 27— Josefa R aich, 377-------------------------------719 age b y w o t w o a th o r is ro p o rto d fro m K a n s a s , N e b ra s k a a n d
S A V A N N A H — T o Liverpool— July 29— Aldan, 719-------------------------T o Rotterdam — July 27— Zaandjyk, 4,296-------- ---------- ...............- 4,296
R e p o rts fro m F ra n c o a ro th a t th e w e a th e r has
28 M is s o u ri.
B O STO N — T o L iverpool— J u l y ....... .......... 28- - - ------------ -----------------65 beon v o r y b a d , o w in g to fre q u o n t ra in s , w h e re b y h a rv e s tin g
T o Yarm outh— July 24— Prince George, 6 5 - - - - -----------------------SAN F R A N C IS C O — T o Japan— July 26— China, 5 4 8 - ................... .. . 548
T h o F ro n c h c ro p o f
330 a n d th re s h in g a re s e rio u s ly d o la ye d .
T o V ladivostock— July 26— China, 330 ....... ..................................
T A C O M A — T o Japan— July 2 4 - Chicago M aru, 5 ,9 5 8 ..................... 5.958 a ll ce re als, i t is n o w sa id , w ill bo d is a p p o in tin g .
I n S c a n d in ­
T o Vladivostock— July 20— Hudson M aru, 5.284---------------------- 5,284 a v ia ro c e n t ra in s ca m e to o la te to do m u c h g o o d , so t h a t th e
S E A T T L E — T o Japan— July 27— Aki M aru, 3 ,311-------------------------- 3,311
915
cro p s w ill bo s m a lle r. S e rio u s da m ag e w a s dono b y re c o n t
T o China— July 27— A ki M aru, 1 9 5 - - - -------- ----------------------------d ro u g h t in D e n m a rk a n d th o c ro p w ill bo m u c h b e lo w th e
T o t a l.............................- ............ .......... ..................................................... 63.743
T h e p a rtic u la rs o f th o fo re g o in g s h ip m e n ts f o r th e w e e k , a ve ra g e . I n N o r t h A f r ic a i t w ill bo 1 5 % less th a n w a s a t one
tim o o xp e cto d . I t is said th a t th e E a s t In d ia n c ro p w a s o v e r­
a rra n g e d in o u r u s u a l fo rm , a ro as fo llo w s :
e s tim a te d , a n d t h a t, w it h d e a r fre ig h ts , th e m o v o m o n t th e re ­
Ger------Oth.Europe
— Vlad.,
Total. a fte r w ill be lig h t . T h o m o n so o n is t u r n in g o u t less fa v o r ­
South. 2,653
&C. i
many. North.
Britain. Ports,
15,327 a b ly th a n w a s e xp e c te d .
505
____ 6,380 5,534
... . 9,787
255
W it h d r y w e a th e r, p rico s in In d ia
14,787
—
—
5,000
-----I n A rg e n tin a fre ig h ts a ro s tro n g a t 62d.
1,500 a ro f ir m .
1,500
11,395 w it h t^he w e a th e r clo a r, cool a n d f r o s t y .
3',377
IIII
: : 3'407 4',611
S om e in th o C h i­
5,015
—
..
719
...................... 4",296
93 cago tra d e e s tim a te th o w in t e r w h e a t cro p a t o n ly 600,000,­
'6 5
28
878 000 b u she ls o r less, a g a in s t e stim a tes o n J u l y 1 o f 668,000,000
548
—
330
—
......................
14,748
5,479
b u she ls, th e loss b e in g a scrib e d to d e la ye d h a rv e s tin g . O n
63,743 th e o th e r h a n d , d esp ite som e re p o rts o f r u s t a t th e N o r t h ­
------ 10,676 8,911 10027
..1 4 ,1 9 6 10,116
T h e o x p o rts to Ja p a n sinco A u g . 1 h a v e beon 327,953 bales w e s t, th e g e n e ra lity o f c ro p ro p o rts fro m th a t se ctio n h a v e
1b een fa v o ra b le . T h e s p rin g w h e a t c ro p , a c c o rd in g t o som e
fro m P a c ific p o rts , a n d 113,059 bales fro m G a lv e s to n .
1915.

1914.

SHIPPING NEWS.—Shipments in detail:




J uly 31 1915.]

THE CHRONICLE

e s tim a te s , w ill b e 320,000,000 b u sh e ls, as a g a in s t e s tim a te s
o n J u l y 1 fro m p r iv a t e sou rces o f 295,000,000 b u she ls
G e rm a n y sends fa v o ra b le c ro p re p o rts . I n B u lg a ria th e
c ro p o u tlo o k is s a tis fa c to ry . F u r t h e r ra in s h a v o o c c u rre d
in A u s t r a lia a n d th e c ro p p ro sp e c ts a re e xc e lle n t. I t is
n o w said th a t in S p a in th e p ro sp e c ts a re e n c o u ra g in g f o r a
b ig c ro p a n d t h a t im p o rta tio n s w ill bo s m a lle r th a n th e y
w e re la s t y e a r. I n L iv e r p o o l o f la te , i t is s ta te d th a t w h a t ­
e v e r b u llis h in flu e n ce s th e re w e re fe ll fla t in th e p resen ce o f
b e tto r w e a th e r c o n d itio n s in A m e ric a a n d in d ic a tio n s o f
im p e n d in g la rg e r re c e ip ts a t th e W e s te rn m a rk e ts o f th is
c o u n t ry . T h e R u s s ia n c ro p , a c c o rd in g to th e In te rn a tio n a l
In s t it u t e o f A g r ic u lt u r e a t R o m o , is lik e ly to bo 463,000,000
b u sh e ls, a n in cre a se o v e r th a t o f la s t y e a r o f 2 9 .3 % . T o - d a y
p ric e s w e re s tro n g e r.

Sat. Mon. Tues. Wed. Thurs. Fri.
N o . 2 red-------------------------- ------------ 1 2 2 ^ \\9%
12034 121 11934 119
September delivery in elevator____11G
11334 11534 118 115
11534

D A IL Y C LO SIN G P R IC E S OP W H E A T FU T U R E S I N N EW Y O R K .

Sat. Mon. Tues. Wed. Thurs. Fri.

D A IL Y C LO SIN G P R IC E S OP W H E A T FU TU R E S IN C H IC A G O .
July delivery in elevator----------cts.11434 11134 11234 114
110'4 111
September delivery in elovator____10834 10534 10834 108 105 34 10534
Decem ber delivery in elevator------11034 10834 11034 11034 107
107 34

In d ia n c o rn w a s s tro n g e r e a rlie r in th e w e e k b u t becam e
w e a k e r la te r o n , p a r t ly in s y m p a th y w it h d e p re ssio n in
w h e a t . C o u n t r y o ffe rin g s h a v e been s o m e w h a t la rg e r a t
tim e s a n d th e E a s t e r n d e m a n d a t C h ic a g o has fa lle n o ff.
I n L iv e r p o o l p ric e s h a v e been r a t h e r irre g u la r w it h R i v e r
P la te q u o ta tio n s dep ressed . T h e r e h a v e be e n f u r t h e r o ffe r­
in g s o f A r g e n t in a c o rn . C a s h houses h a v e been b u y in g less
fre e ly . T h e r e h a v e been re p o rts a t tim e s o f b a d w e a th e r a t
th e W e s t b u t th e w e a k n e ss in w h e a t o ffs e t th is . L a s t w e e k
th o a v a ila b le A m e ric a n s u p p ly decreased 685,000 b u she ls
a g a in s t a decrease in th e sam e w e e k la s t y e a r o f 945,000.
T h e to ta l s to c k a v a ila b le in th is c o u n t r y is n o w d o w n to
3,765,000 b u sh e ls, o r a b o u t 1,000,000 less th a n a y e a r ago
a n d som e 5,800,000 less th a n a t th is tim e in 1913. A ls o
te m p e ra tu re s in th o n o rth e rn p a r t o f th e b e lt h a v e been
r a t h e r to o co o l f o r th e c ro p . T h i s has g iv e n ris e to fe a rs th a t
fro s t m ig h t o v e rta k e som e p o rtio n s o f tho b e lt b e fo re m a t u r ­
i t y . L a t t e r ly , to o , c o u n t r y o ffe rin g s h a v o been c o m p a ra tiv e ­
l y lig h t. Y e t d e sp ite w h a t e v e r m a y be sa id th e b e lie f is th a t
th e re w ill be a la rg e c ro p a n d th e d r if t o f s e n tim e n t has been
a g a in s t th e b u ll sid e. T o - d a y p ric e s a d va n c e d . C o u n t r y
o ffe rin g s c o n tin u e s m a ll.

Sat. Mon. Tues. Wed. Thurs. Fri.

D A IL Y C LO SIN G P R IC E S OP N O. 2 M I X E D C O R N IN N E W Y O R K .
N o . 2 m ixed................................c t s . 92
9034 91
9134 9134 91
D A IL Y C L O S IN G P R IC E S OF C O R N FU T U R E S IN C H IC A G O .

Tues. Wed. Thurs. Fri.
Sat. Mon.
78%.. 74%
80
80% 7434
79
80‘A 73%
79 74
74%
lA
75%
74
X
% 64 64% 64% 63% C3 M

July delivery in elevator______ cts . 8034
September delivery in elevator____ 7534
D ecem ber delivery in elevator___ 64
'

O a ts d e clin e d a fto r J u l y h a d a d va n c e d s h a r p ly e a rlie r in
th o w e e k , J u l y 26, a t C h ic a g o re a c h in g 55 ce n ts. L a t e r o n
th o sam o d a y t h a t m o n th d e clin e d s h a rp ly , h o w e v e r, in s y m ­
p a t h y w it h th o su d d e n fa ll in o th e r g ra in . T r a d in g has been
r a th o r lig h t . A t tim e s b a d w e a th e r a n d som e c o v e rin g o f
s h o rts h a v o b e e n b ra c in g fa c to rs . I n m a n y p a rts o f th o oats
b e lt h a rv e s t has b een d e la ye d b y r a in . S to c k s, m o re o v e r,
a ro s to a d ily d e cre a sin g . T h o a v a ila b le s u p p ly decreased
la s t w o o k 650,000 bu shels a g a in s t a decreaso in th o sam e
w e e k la s t y e a r o f 920,000 b u sh e ls. T h o to ta l is n o w 9 ,700,­
000 bu shels, o r 6,000,000 bu she ls less th a n a y e a r ago a n d
23,000,000 b u sh e ls less th a n a t th is tim o in 1913. O n th e
o th o r h a n d , th e re has beon m o re o r less h o d g in g o f n e w oats
a t th o a d va n c e . A f t o r th o d o m a n d fro m s h o rts fe ll o ff
p rice s recod e d in s y m p a th y w it h thoso f o r o th o r g ra in .
T h o u g h th o h a rv e s t m a y bo d e la y e d b y ra in s , th o im p re s sio n
is t h a t th o c ro p w ill bo v o r y la rg o . T o - d a y p rice s a d va n c o d
o n w o t w e a th e r a n d sm a ll c o u n t r y o ffe rin g s .

Spring Wheat

.— Over the greater part o f the spring wlxeat region the
weather was somewhat to o cool at night for the best growth, but otherwise
conditions remained favorable, especially in the Western districts, where
tho weather was warmer, and excellent growth resulted. The crop is near­
ing the heading stage in all Northern and is ripening in some Southern
districts. Other small grains, rye, oats and barley, are reported in good
condition.
.— C ool nights prevented rapid growth in the m ore northern portions
o f tho corn belt, and the crop continues small and backward. The drier
weather has permitted o f very general cultivation, however, in all sec­
tions, and tho crop has m ade rapid growth in m ost central and Southern
districts. I t is tasseling as far north as Nebraska, and earing in central
Kansas, and its condition is generally good in tho States to the eastward,
w-hile a good crop o f early co m is practically matured in the South. The
need o f m ore rain for the later plantings is now becom ing general in the
South, and rain would be beneficial in m any central sections.
.—-Drying weather greatly favored the riponing and harvest
o f oats in the districts where harvest is not yet com pleted, and the outlook
for that crop continues good. H aying progressed rapidly, except in a few
localities, especially in N ew England, where showers and cloudy weather
were unfavorable.
.— C ool weather over the northern portions and dry weather in
nearly all the im portant districts retarded grow th, and while the crop is
generally reported in good condition, no im portant progress was attained.
T ho drought continues in Texas and is becom ing serious in some portions,
and m oro rain is now needed over m uch o f tho remaining portions o f tho
belt. Some shedding is reported, and damage b y weevil continues in A la­
bam a and Mississippi, but they are reported as less active in Texas T h e
first bale o f cotton in Georgia was marketed on the 22d.

Corn

Oats and Hay

Cotton

T h e s ta te m e n t o f th e m o v e m e n t o f b re a d s tu ffs to m a rk e t
in d ic a te d b e lo w a ro p re p a ro d b y us fro m fig u re s co lle cte d b y
th o N e w Y o r k P ro d u c e E x c h a n g e . T h e re c e ip ts a t W e s te rn
la k e a n d r i v e r p o rts f o r th e w e e k e n d in g la s t S a tu rd a y a n d
sin ce A u g . 1 f o r e a ch o f th o la s t th re o y e a rs h a v e been:

Receipts at—
Chicago-----Minneapolis.
Duluth____
Milwaukee..
Toledo.........
Detroit____
Cleveland . .
St. L ou is...
Peoria____
Kansas City.
Omaha........

Sat. Mon. Tues. Wed. Thurs. Fri.
3834
40

14 34
3734
39 34

5734
3S;'4
39 34

T h o fo llo w in g a ro clo s in g q u o ta tio n s :
G R A IN .
W heat, per bushel— f . o . b.
Corn, per bushel—
N . Spring, N o. l . n e w . . $1 1834
N o. 2 m ixed_____ f. o. b.
91
______
N . Spring, N o. 2 _______
N o. 2 yellow______ c. 1. f.
91
R ed winter, N o. 2 , n e w .
1 1934
N o. 3 yellow ____________
9034
Hard winter, N o. 2 _____
1 2134
Argentina in bags_______
Oats, per bushel, now—
R yo, per bushel—
S tandard-----------------------65
New Y ork _____________ _
N o. 2, white------------------6534
Western, N o. 2. n ow ____
SI 08
N o. 3, white------------------6434 Barley— M a ltin g __________ 7 7 @ 7 8 c
FL O U R .
W inter, low grades------ $4 90@ S5 10 Kansas straights, s ack s.$5 4 0@ $ 6 60
Winter patents......... .........6 0 )@ 6 80 Kansas clears, sacks___ 5 3 0 ® 5 40
Winter straigh ts______ 5 15®
5 85 C ity patents___________
8 25
Winter clea rs.................... 5 3 5 ®
560 R ye f l o u r . . . .................. 5 5 0 @ 6 25
Spring patents_________ 5 6 5 ®
725 Buckwheat flour______
____
Spring straights________ 5 3 5 ®
660 Graham flour__________ 5 6 5 ® 6 75
Spring clears____________ 6 2 5 ®
650

W E A T H E R B U L L E T IN F O R T H E W E E K E N D IN G
J U L Y 26.— T li o in flu e n ce s o f w e a th e r o n th o cro p s as s u m ­
m a rize d in th o w e a th e r b u llo tin issued b y th o D e p a rtm e n t o f
A g r ic u lt u r e fo r th e w e e k e n d in g J u l y 26 w e re as fo llo w s :

Winter Wheal

.— T he clear, cool and generally dry weather over m uch o f
the winter wheat areas to tho eastward o f tho R ock y M ountains afforded
favorablo opportunity for the completion o f harvest, except in som o o f tho
m oro northern districts. W heat in tho shock was greatly benefited b y tho
drying weather and thrashing in tho fields became general in tho central
districts and neared com pletion in tho southern portions, with yields and
quality o f grain generally reportod as good. In tho wlntor wheat districts
in tho Far W est, harvest i3 nearing com pletion in California and Is progress­
ing favorably in the States to tho northward, whore excellent crops aro
assured.




94.000

912.000
92.000
428.000
183.000

245.000 4,103,000
294.000 15.508.000
300.000 12.081.000

2.670.000
2.583.000
2.649.000

" o ', 666
7,000
58.000
31.000

1,000

277.000

129.000
44.000
397.000
23.000
84.000
46.000
265.000
166.000
87.000
136,000

6,000

176.000
46.000
29.000
38.000
282.000
231.000
133.000
285.000

202.000

65.000
98.000

T , 666
1,000

6,000

8,000
8,000

1,000

658.000
3.193.000
608.000
4.167.000
1.969.000 1,166,000

52,000
102,000

192,000

T o t a l re c e ip ts o f flo u r a n d g ra in a t th e se a b o a rd p o rts f o r
th o w e e k end e d J u l y 24 1915 fo llo w :

Flour,
bbls.

Receipts at

—
Now Y o r k ______
Boston_________
Philadelphia___
Baltimore_______
New Orleans *__
Newport News . .
Galveston_______
M obile................
Montreal_______

108,000
20,000
23,000
17,000
46,000

___
__

6,000
13,000

Wheat,
bush.

Corn,
bush.

357.000
64,000
208.000
200,000
20,000
73,000
1,042,000

123,000
9,000
104,000
113,000
10,000
37,000

384,000

Total week 1915.
233,000 2,350,000
Since Jan. 1 1915.15,112,000 40,197,000
Week 1914--------329,000 11,939,000
SinceJan. 1 1914.11,901,000 101241,000

Oats, Barley,
bush.
bush.
70,000

765,000
41.000
90.000
11,000
20,000
741,000
21,000
671',666

Rye,
bush.

17,000

Y,66o

1,000

133',666

396,000 2,360,000 204,000 18,000
38,749,000 88,605,000 6284,000 6460,000
151,000 1,460,000 371,000 41,000
14,427,000 19,844,000 8202,000 2277,000

Receipts do not include grain passing through New Orleans for foreign ports on
through bills of lading.

T h e e x p o rts fro m th e s e vo ra l se a b o a rd p o rts f o r th e w e e k
e n d in g J u l y 24 a ro s h o w n in th o a n n e xe d s ta te m e n t:

Wheat,
bush.

Exports from—

Corn,
bush. Flour,
bbls.

Oats, Rye, Barley, Peas,
bush..
bush. bush. bush.

. 322,428
19,670 97,054
156,577
7,772
.
64,132
43,103 21,220
1,500
Philadelphia------. 110,000
12,000
:::::
. 97,016
106,046
3,766
134',075
New Orleans----- . 50,000 149,000 13,000
11,000
Newport N ew s... 73,000
741,000
. 692,000
V.OOO
37,000
Mobile ................
6,000
Montreal .
-------------Information Not Obtainable-------------

-

___

.....

354,819 158,040
99,922 222,780

.1,408,576
.8,445,596

- -

910,077 134,075
465,966 25,798 177,397

7,772
1,002

T h o d e s tin a tio n o f these e x p o rts f o r th o w e e k a n d sin ce
J u l y 1 1915 is as b e lo w :
----------------

Pit )ur---------------- ■------------------ Wl leaf------------------ --- ------------------Corn---------------------

Week.
24.
since July 1 to— Julybbls.
. 50,597
. 56,391
. 20,058
. 30,619
i.
375

Cts.

Cts.

892.000
107.000
79.000
80.000
15.000

40.000

Rye.
s. 56'6s.
24.000
18.000

Since Aug. 1
1914-15... 19.458.000. 385.579.000 238,663,000 265,122,000 85,762,00019238000
1913-14... 19.720.000. 306.370.000 221,539,000 222,323,000 86,858,00022537000
1 9 1 2 1 3 ... 17,957,394!364,204,777 229,068.3631249,472,4621104363500 16894000

Sat. Mon. 7'ues. Wed. Thurs. Fri.

July dell vory in elevator.......... c t s . 54
5134 5334
September delivery In elevator____ 3834 3734 3834
Decem ber delivery in elevator____ 3934 3934 3934

Wheat.
Corn.
Oats.
Barley.
bbls.103,000
19616*. bush. 00 lbs. bush. 56 lbs bush. 32 lbs bushASlbs
1,308,000 1,350,000 1,816,000

Tot. wk. ’ 15
Same wk. ’ 14
Same wk. ’ 13

D A IL Y C L O S IN G P R IC E S OF OATS IN NEW Y O R K .

Standards____________________ c ts . 64
64
64
65
65
65
N o . 2 w hite_______________________ 6434 6434 6434 .6534 6534 6534
D A IL Y C LO S IN G P R IC E S OF OATS FU T U R E S IN C H IC A G O .

385

-

Total 1914------------ 222,780

Since1
July
Week.
1915. July 24.
bbls.
bush.
294,714

271,892
79,982
77,720
1.244
32,555

967,489
431.639
5,848
3,600

___

................

Since1
July
Week.
1915. July 24.
bush. bush.
4,19-,637
42,813

4,528,689
82,840
16,600

___

Since1
July
1915.
bush.
42,813

105,646
160,840
45,230
290

1,453,983
384,732
232,002
490

354,819
99,922

2,114,020
244,907

................

758,107 1.408,576 8,820,768
817,973 8,445,596 21,848,980

T h o w o r ld ’s s h ip m e n ts o f w h e a t a n d c o rn f o r th e w e e k
e n d in g J n l y 24 1915 a n d sin ce J u l y 1 1915 a n d 1914 a re
s h o w n in th e fo llo w in g :

Exports.

Wheat.
1915.

Week24. Since
July
July 1.
1 Bushels.
Bushels.
NorthAmcr* 3,088,000

Russia____
Danube___
Argentina . .
560’,566,
Australia__
In d ia _____ 1,408',666 ;
Oth. countr’s 120,000

Corn.
1914.

1915.

Since1. Week
Since1.
July
July 24. July
Bushels. 1Bushels. Bushels.
27.374.000 229,000

|

1914.

Since1.
July
Bushels.

16,725,000
2,072,000
123,000
502.000 10.226.000
1.097.000
1,984,0001
6.782.000
3,610,666 1,506,000, 4,942,666 20,801*005 15,387,000
3.352.000
8 ,392,666
5.568.000
256.000
246,000

T o ta l___ 5,176,000 ! 29,485,000 50,256,000 5,171,000 22,873,000 23,389,000
♦North America— The Canadian Government has officially prohibited the Issuance
of both manifests and exports until after ten days. This is effective during the
continuation of the war.

T h e q u a n t it y o f w h e a t a n d c o m a flo a t f o r E u r o p e o n d a tes
m e n tio n e d \yas as fo llo w s :

Julv
July
July
July

24
17
25
2G

Corn.
Wheat.
United Continent\ Total.
United
Kingdom. Continent\ Total. 1Kingdom.
Bushels.
1 Bushels. I Bushels, i Bushels.
Bushels.
Bushels.
.............. ! ________ 25,456,000 ______ _
________125,757,000

1815—
1 ............ . 30,040,000 .......... -.1 ________ 25,033,000
1915— . . .
1911.. 20.920.000 15,176,000 36,096,000 5,908,000 16,159,000 22,067,000
191’ — 20.920.000 12,800,000 33,720,000 13,575,000 23,044,000.36,619,000

T h e v is ib le s u p p ly o f g ra in , c o m p ris in g th e sto ck s in
g r a n a r y a t p rin c ip a l p o in ts o f a c c u m u la tio n a t la k e a n d
se a b o a rd p o rts J u l y 24 1915 w a s as fo llo w s :

Amer. /jondetl
Amer. Barley,
Bonded
Wheat.
Wheat. Amer.
Corn. Amer.
Oats. Bonded
Oats. Amer.
Rye. Barley.
In
Thousands
—
bush. bush. bush. bush. bush. bush. bush. bush.
79
84
619
5
10
New Y ork .------- ---------- 431
UNITED STATES GRAIN STOCKS.

9
90
60
189
7
213
70
14
610
104
48
11
130
18
88
116

Boston-----------------------Philadelphia__________
Baltimore-------------------New Orleans----------------

3
411
282
59
Galveston------------------ 650
B uffalo---------------------634
Toledo________
80
D etroit______________
11
Chicago...... ...................
373
“ afloat________________
Milwaukee.............................. D u lu th ...............
162
Newport News.......... .
16
Minneapolis____ ______ 1.669
126
St. Louis____ ________
Kansas City--------------58
Peoria_______________
5
Indianapolis__________
42
Om aha...... ...................
21
On lakes________
276
On canal and river----24
Total
Total
Total
Total

July
July
July
July

24
17
25
20

21

340
230
291
17

2

"'6 7
73

3
1

22

"371
10

9
356
3
104

" ’ l5
43
250
22
8

90
10

13
6

49

1915.. 5,333
84 2,755 2,033
32
1915-- 5,761
48 3,313 2,449
36
1914—24,184
105 3,529 5,444
170
1913..33,082 1,429 7,817 17,641
542
CANADIAN GRAIN STOCKS.

89
206
222
375

309
407
940
1,487

Canadian
Canadian Bonded
Canadian
Oats. Bonded
Wheal. Bonded
Wheat. Corn.
Oats. bush.
Rye. Barley.
bush. bush.
bush.
bush. Barley.
bush.
bush.
In Thousands— ... bush.
12 1,167
330 ___
4
130
rth. 2,041
----581
Total
Total
Total
Total

July
July
July
July

American
Canadian

Vol. 101.]

[THE CHRONICLE

386

24
17
25
26

ids24
17
25
26

...

180

191519151914.
1913.

2,551
3,006
7,981
6,841

___

__
___
___

__

993

—

12

40
30
6

—

.................................

2,741
2,917
4,492
7,867

4
6
1
50

—

130
217
577
509

SUMMARY.
Corn.
Oats. bush.
Oats. bush.
Rye. Barley. Barley.
Wheat. Bonded
Wheat.
bush. bush.
bush.
bush.
bush. bush.
89
84 2,755 2,033
32
309
5,333
2,551

1915.. 7,884
1915- 8,767
1914.. 32,165
1913- 39,923

—

84
48
105
1,429

12

2,741

2,767 4,774
3,353 5,366
3,559 9,936
7,823 25,508

4

130

93
212
223
425

439
624
1,517
1,996

—

32
36
170
542

THE DRY GOODS TRADE

—

8
43

w h e re a s f o r th e sam e tim e la s t y e a r th e im p o rts o f c o tto n
goods a m o u n te d to $66,312,813 a n d e x p o rts $47,240,071
D O M E S T I C C O T T O N G O O D S . — T h o o x p o rts o f c o tto n
goods fro m th is p o r t f o r th o w e e k e n d in g J u l y 24 w o re 7,103
p a cka g e s, v a lu e d a t $469,125, th e ir d e s tin a tio n b e in g to th e
p o in ts sp e cifie d in th e ta b le b e lo w :

Neio York to July 24—

Since
Week. Jan. 1.

-------- 1915--------

Great B rita in ..........................- .................1 ,0 8 0
Other European_________________________ 387
China
...................................- ................ ..
India
"
.............................- ............
34
A r a b i a ! " " : . : _____
--A f r ic a .......................................................................
1,628
W est I n d ie s ......... .........
M e x ic o ________________________________
___
Central Am erica.................
897
South Am erica.....................
-2,028
Other countrios_________________________ 1,049
T o t a l.................... ....................... - ............ 7,103

42,215
13,275
4,882
15,326
25,159
8,089
29,162
374
10,829
25,317
45,316

219,944

Since
Week. Jan. 1.

-------- 1914-------47
11
...
...
150
3
763
---466
508
435

2,383

2,520
1,828
45,735
13,210
7,828
5,473
27,437
290
13,210
34,095
3 9,i08

190,734

T h e v a lu e o f these N e w Y o r k o xp o rts sin ce J a n . 1 has been
$13,854,896 in 1915, a g a in s t $13,308,775 in 1914.
O w in g to th e r e c o v e ry in p ric e s f o r c o tto n fu tu re s m o re
in te re s t in sta p le c o tto n goo d s f o r b o th p ro m p t a n d fo rw a rd
d e liv e r y has been n o te d . M a n u fa c tu re rs lia v o n o t been
a n xio u s to b o o k la rg e c o m m itm e n ts , as t h e y fe e l p re s e n t p rice s
fo r goods a re lo w , a n d s h o u ld c o tto n c ro p a d vic e s c o n tin u e
as u n fa v o ra b le as o f la te t h e y fe a r t h a t th e re w ill be s h a rp
a d va n c e s in r a w m a te ria l d e sp ite th e la rg o s u p p ly o f c o tto n
a t p re s e n t in th e S o u th . A g o o d d e m a n d has be e n re p o rte d
fo r b le a ch e d goods f o r fa ll d e liv e r y , th e lo w e r p ric e s n a m e d
a t th e close o f la s t w e e k h a v in g s tim u la te d in te re s t. M ills
a re said to be w e ll sold a hea d o n sh e e tin g s b u t b u y e rs o f
fin e a n d fa n c y c o tto n s a re s h o w in g lit tle in te re s t in th e
m a rk e t. A lth o u g h th e re has been som e im p ro v e m e n t in th e
d e m a n d f o r b o th p ro m p t a n d fa ll d e liv e r y , th e v o lu m o o f
bu sin ess in p r in t c lo th s co n tin u e s s m a ll. P ric e s a ro w e ll
m a in ta in e d a n d second h a n d s a ro n o lo n g e r o ffe rin g a t c o n ­
cessions. G r a y g o o d s, 3 8 -in ch s ta n d a rd , a re q u o te d a t 4c.
W O O L E N G O O D S .— W i t h a g e n e ra l fe e lin g t h a t p rice s
h a v e re a ch e d b o tto m , a n d t h a t a d va n c e s w ill soon be m a d e
in m a n y classes o f w o o le n a n d w o rs te d dress fa b ric s , o rd e r
f o r s p rin g 1916 goo d s a re re p o rte d to h a v e in cre a se d co n sid e r­
a b ly . F u t u r e business in m e n ’s w e a r h a s b een o n a m u c h
la rg e r scale th a n u s u a l, a n d m a n y o f th e fa n c y w o o le n s fo r
n e x t s p rin g h a v e been in good d e m a n d . W h ip c o r d s , g a b a rd in e s
a n d p o p lin s a re e xp e c te d to be p o p u la r, a n d if tho p re s e n t
in q u ir y is to be ta k e n as a b a ro m e te r, b ro a d c lo th s w ill bo
used o n an e x te n s iv e scale. M a n y o f th o m a n u fa c tu re rs so
fa r h a v e n o t n a m e d p ric e s o n n e x t s p rin g g o o d s, a n d som e
c la im th a t as b u y e rs h a v e n o t s h o w n th o u su a l in te re s t,
th e re w o u ld be n o n e c e ss ity in n a m in g p rice s u n t il la te r in
th e y e a r. A c c o rd in g to re p o rts som e size ab le G o v e rn m e n t
o rd e rs h a v e been p la c e d . A ls o som e g o o d e x p o r t o rd e rs
h a v e been b o o k e d .
F O R E I G N D R Y G O O D S .— A n a c tiv e d e m a n d has been
re p o rte d f o r a ll classes o f lin e n goods a n d m a n y fa ir-s ize d
o rd e rs fo r dress lin e s f o r n e x t s p rin g a n d s u m m e r h a v e been
place d . T h e a tte n d a n c e o f o u t-o f-to w n b u y e rs is said to
h a v e been la rg e . Im p o rte rs f o r th e m o s t p a rt h a v e a ccep ted
fo rw a rd o rd e rs w it h o u t g u a ra n te e in g d e liv e r y a n d o n ly
s u b je c t to th e ir a b ilit y to o b ta in th e goods tro m a b ro a d .
H o u s e h o ld lin e n s , e s p e c ia lly tho se in s m a ll s u p p ly , h a v e been
in a c tiv e d e m a n d , b u t th e s te a d ily a d v a n c in g p rice s a re
te n d in g to r e s tric t sales, a n d e s p e c ia lly as d o m e stic m a n u ­
fa c tu re rs a re p u t tin g m a n y s u b s titu te s o n th e m a rk e t.
B u rla p s c o n tin u e q u ie t w it h th e u n d e rto n e u n s e ttle d , o w in g
to u n c e rta in tie s re g a rd in g th e B r it is h e m b a rg o q u e s tio n .
P ric e s a re easier w it h lig h t w e ig h ts q u o te d a t b .oo c. a n d
h e a v y w e ig h ts a t 7.85c.
Importations & Warehouse Withdrawals of Dry Goods.
T h o im p o rta tio n s a n d w a re h o u s e w ith d ra w a ls or d r y goods
a t th is p o rt f o r th e w e e k o n d in g J u l y 24 1J l o a n d since
J a n . 1 1915, a n d f o r th e c o rre s p o n d in g p e rio d s o f la s t y e a r,
w e re as fo llo w s :

N ew York, Friday Night, July 29 1915.
W i t h th e v o lu m e o f b u sin e ss in th e d r y goods m a rk e ts fo r
th e p a s t w e e k s h o w in g lit t le in cre a se , a fe e lin g o f m o re co n ­
fid e n c e p re v a ils a n d th e tra d e is g iv in g th e fo re ig n p o litic a l
s itu a tio n less a tte n tio n . W h ile b u y e rs fo r th e m o s t p a rt a re
c o n fin in g th e ir a tte n tio n to p re ssin g needs, th e re has been
a m o d e ra te im p ro v e m e n t in th e f u tu re d e m a n d fo r som e sta ­
p le lin e s. D e s p ite th e u n s e ttle d s ta te o f a ffa irs a n d p re s e n t
h e s ita n c y o n th e p a rt o f b u y e rs , i t is fe lt th a t fa ll business
w ill be g o o d . T h e s h a rp a d va n c e in c o tto n fu tu re s la te in
th o w e e k , d u e to u n fa v o ra b le w e a th e r c o n d itio n s in th e c o t­
to n b e lt, caused som e a n x ie ty a m o n g m a n u fa c tu re rs , as th e y
b e lie ve p re s e n t v a lu e s fo r goo ds a re lo w a n d th a t a n y a d ­
v a n c e in th e r a w m a te ria l w ill re s u lt in h ig h e r p rice s fo r fin ­
ish e d p ro d u c ts . A n o t h e r h itc h has d e ve lo p e d in th e s e ttle ­
m e n t o f th e g a rm e n t tra d e d iffic u ltie s , b u t it is h o p ed th a t
a s trik e w ill be a vo id e d th ro u g h th e a d ju s tm e n t o f a ffa irs
b y M a y o r M it c h e l’s C o u n c il o f C o n c ilia tio n . T h e d y e ­
s tu ff s itu a tio n co n tin u e s to be q u ite a seriou s fa c to r as re ­
g a rd s th e co lo re d goo d s m a rk e ts , a n d fe w see a n y in d ic a tio n Im p orts E n tered l o r C o n s u m p tio n f o r t h e W eek a n d S in ce J a n . 1.
Week Ending
o f im p ro v e m e n t. P r a c tic a lly n o d y e s tu ffs a re b e in g im ­
Since
1 1915.
July 24 1915.
Pkgs. Jan. Value.
p o rte d , a n d , w h ile th e d o m e stic p ro d u c tio n o f a n ilin e d ye s
Pkgs. Value.
$
$
h a s been g re a t ly in cre a se d sin ce th e o u tb re a k o f th e w a r, no Manufactures of—
252,732
5,120,170
19,437
W o o l....................................... „ 903
f u r t h e r e xp a n sio n is e xp e c te d . M a n y o f th e c o n s titu e n ts
657,864
58,601 16,308,109
Cotton______________________2,219
211,529
33,988 16,492,838
737
Silk----------- ---------- - ..............
O f a n ilin e d ye s a re n o w b e in g use d in th e m a n u fa c tu re o f
162,666
7,030,851
23,572
Flax______________________
983
e xp lo sive s to f ill E u ro p e a n a m m u n itio n c o n tra c ts . S e ve ra l
6,931,537
511.595
68,544
Miscellaneous______________ 1,089
o f th e la rg e S o u th e rn m ills h a v e be e n co m p e lle d to close
1,826,386 204,142 51,883.505
.
5,931
d o w n r e c e n tly , a n d p ro d u c tio n o f co lo re d goods is b e in g
.10,587 2,700,566 344,448 81,837,016
c u rta ile d e v e ry w h e re . O w in g to th e s h o rta g e o f co lo r, th e
al3 T h r o w n u p o n th e M arket.
A m o s k e a g M ills h a v e a n n o u n ce d t h a t th e y w ill cease o p e ra ­ Manufactures of—
3,629,344
112,610
11,039
..
363
tio n s fo r th re e w e e k s b e g in n in g A u g . 16. U s u a lly in A u g u s t
4,699.002
; 558
15,768
183,518
3,950,6:18
10,369
..
345
101,084
these m ills close d o w n f o r a f o r t n ig h t , b u t th is y e a r th e s h u t­
3,163,738
12,559
43.566
735
Flax
d o w n is p ro lo n g e d a w e e k as a re s u lt o f th e d y e s tu ff s itu a tio n .
3,264.094
46,218
..
281
129,970
A v e r y e n c o u ra g in g v ie w is ta k e n re g a rd in g th e e x p o rt b u s i­
95.953 18,706,816
570,748
2,282
ness in c o tto n goo d s. N e w m a rk e ts a re s te a d ily b e in g d e ve l­
. 5,931 1,826,386 204,142 51,883,505
oped a n d , d e sp ite th e d e la y in s h ip p in g a n d fin a n c ia l d iffi­
8,213 2,397,134 300,095 70,590,321
Total marketed 1915----------8,213
cu ltie s , bu sin ess is e xp a n d in g . O rd e rs fro m th e W e s t In d ie s
.13,135 3,231,203 463.698 103,378,539
Total marketed 1914----------13,135
a n d S o u th A m e ric a a ro s te a d ily c o m in g to h a n d a n d e xp o rte rs
Im p orts E n tered f o r W a re h o u se D u rin g Sam e P e rio d .
h ere feel t h a t e ve n w h e n th e w a r ends t h e y <w ill c o n tin u e to Manufactures o f—
7,149
2,719, 141
65,387
174
s u p p ly S o u th a n d C e n tra l A m e ric a n c o u n trie s . L a rg o sales
__________________ ____
W ool
13,193
3,857 152
167,323
439
C otton _____ - - - - - - - - - - - - ____
o f d u c k h a v e b een m a d e to E u ro p e . A rra n g e m e n ts a re said
8,852
3,349 815
99,981
S ilk _______________________
10,532
95,735
3,066 425
356
to be u n d e r w a y fo r th e s h ip m e n t to C h in a o f goods h eld h e re
F l a x _____________________ ____
138,504
43,916
2,873 203
____
313
M iscellaneous......................
f o r som e tim e , a n d a fe w sm a ll n e w o rd e rs fo r w id e sheetings
566.930
83,642 15,865,736
h a v e been re c e ive d . T h e fo re ig n tra d e fig u re s fo r th e e le ve n
T o t a l _______ - ____ _
1,826.386 204,142 51.883,505
m o n th s e nd ed M a y 31 a ttra c te d co n sid e ra b le in te re s t. I m ­ Entered for consumption — ____ 5,931
p o rts o f c o tto n goods d u rin g th e e le ve n m o n th s a m o u n te d
2,393,316 287,784 67,749,241
Total imports 1915----------- 7,565
Total imports 1914----------- 13,035 3,517,358 442,705 104,458,833
to $43,117,483, w h ile th e e xp o rts to ta le d $64,656,062,




J uly 31 1915.1

THE CHRONICLE

C ity D E fw w E flT,
News Items.
Canada (Dominion of).—

Loan Oversubscribed .— T h o
$45,000,000 5 % ono a n d t w o -y e a r g o ld n o te s o f th e D o
m in io n o f C a n a d a , o ffe re d to th o p u b lic la s t S a tu rd a y m o rn ­
in g b y th o s y n d ic a te o f N e w Y o r k b a n k o rs h ea d ed b y J . P .
M o rg a p & C o . a n d B r o w n B ro s . & C o . w e re a ll disposed o f.
T h o s u b s c rip tio n b o o ks w e re o p e ne d a t 10 o ’c lo c k a n d closed
s h o r t ly th e re a fte r, s u b s c rip tio n s b e in g g re a t ly in excess o f
tho a m o u n t o ffe re d . See V . 101, p . 307.
Hawaii (Territory of) . — Bonds Awarded in P a r t— O f th o
S I , 430,000 4 % p u b lic -im p ro v o m o n t b o n d s , sorios 1914-15,
$1,179,500 h a d boon d isposed o f u p to J u l y 7. T h o fa c ts
g iv o n h e ro w ith a re fu rn is h e d b y th e T r e a s u r e r o f H a w a ii,
C . J . M c C a rth y :

387

333, w h ic h be cam e a la w A p r il 17 1915, a m e n d s C h a p te r 645
o f th o L a w s o f 1913 so as to p ro v id e t h a t th e to ta l a m o u n t
o f s h o rt-te rm n o te s issued in a n tic ip a tio n o f th o salo o f b o n d s,
o r re n e w a l o f su c h n o te s, s h a ll a t n o tim e exceed th e to ta l
a m o u n t o f th e b o n d s a u th o riz e d to bo issued . A s passed in
1913 th o la w re q u ire d th a t su c h n o te s o r re n e w a ls th e re o f
s h o u ld a t n o tim e e xceed one-half th o to ta l a m o u n t o f b o n d s
a u th o riz e d . T h o w o rd s “ o n e -h a lf” h a v e been e lim in a te d
fro m th o A c t o f 1913, w h ic h w o p rin to d in fu ll in th e “ C liro n ic lo ” o f J u n o 7 1913, pa go 1643.

Springfield, Greene County, Mo.—

Election on Commis­

sion Form of Government .—

A n e le c tio n w ill bo h e ld A u g . 2, re ­
p o rts sta to , to v o te o n th e q u e s tio n o f e s ta b lis h in g th e co m ­
m issio n fo rm o f g o v e rn m e n t. T h is p ro p o s itio n w a s a p p ro v e d
b y th o v o te rs a t a n e le c tio n h o ld J u n o 2, b u t th e re w a s som e
q u e s tio n as to th o le g a lity o f th o e le c tio n .— V . 100, p . 2025.

Stone Harbor, Cape May County, N. J.—

Bonds De­

Thcso bonds arc dated Sept. 15 1914 and bear 4 % interest, payable
semi-annually. T hey are for a term o f 30 years, the Territory reserving
tho option o f redeeming them in 20 years. Tho issue lias tho approval of
the President o f the United States as required by tho A ct o f Congress
governing tho Territory. O f this sorios, tho following were issued:
1,180 Class " A , $ 1,000 each.........................
$1,180,000
200 Class “ 11,
$500 each...............
100,000
1,500 Class “ C ,
$100 e a c h . . . ...........................
150,000

I t is re p o rte d t h a t J u s tic e B la c k o f th o S u ­
p re m e C o u r t h as re n d e re d a d e cisio n v a lid a tin g th e special
e le c tio n h eld M a y 14 w h ic h re s u lte d in f a v o r o f a b o n d issue
o f $33,000 f o r th e e re c tio n o f a b o a rd w a lk . T h e sale o f these
b o n d s to th e S ta te o f N o w J e r s e y w a s re p o rte d in V . 100,
p . 2188.

,
$1,430,000
After advertisem ent, tenders for these bonds were opened O ct. 1 1914,
and tho following were accepted at par and accrued interest:
, ,
„
„
S I,000 “ A ” $500 "13” $ 1 0 0 “ C ”
Bishop & C o. o f H onolulu..............
40
20
-$50,000
First American Savings & Trust
C o. o f Hawaii, Ltd ., o f Honolulu
__
20
10.000
Fashion Clothing C o., L td ., of
Honolulu......................................................
5
500
T . H oltum Lillie o f Kohala, Hawaii
5
500

T h e T o w p C o u n c il has ca lle d f o r a re fe re n d u m o n
A u g . 16 to v o te o n th o q u o stio n o f p u rc h a s in g th e p la n t o f
th e W e s t O ra n g o W a t e r C o . a t a p ric e h o t to exceed $300,­
000. T h o c o m p a n y r e c e n tly o ffe re d to sell its s y s te m to
th o to w n f o r $285,000.

T he other bids being below par were rejected.
In February 1915 tho Governor decided to sell the remaining bonds at
private sale. T he law provides that tho Treasurer m ay sell tho bonds at
private salo with tho approval o f tho Governor, provided ho receives a
p neo above the last sale, which in this case was par. The price at pri­
vate salo was fixed at $100.01 plus accrued interast.
5j ; ^
Under thcso conditions tho following sales were made:
$1,000 “ A ” $500 “ B ” $100 " C ’ W
Alar. 5 1915 Otis & C o ., C lc v c ..
350
90
50 $400,000
M ar. 20 1915 Otis & C o ., C lo v e ..
259
289.000
50
50
April 7 1915 Bishop
C o ., H ’111.
90
100.000
20
April
‘
” 8 1915 Bank o f Hawaii, L td .,
H on olu lu _______
80
80,000
Juno 3 1915 Bishop
C o ., H ’lu .
100
Juno 9 1915 First Amer. Sav.
T r. C o. o f Hawaii,
L td ., H on olu lu ..
40
40.000
Juno 15 1915 ICananuuMeck.H’Iu
1,500
Juno 15 1915 F. J. Testa, H on ’lu .
500
Juno 17 1915 Hawaiian Trust C o.,
_
L td ., H on olu lu ..
20
Juno 21 1915 Trs. B. I'. Bishop
Museum , Ilo n o ’lu
50
50.000
Juno 21 1915 Trs. C . K . Bishop
_
Trust, H onolulu.
30
30.000
June 21 1915 A .D .L arnach, H ’lu .
500
Juno 28 1915 First N at. Bank of
Wailulcu, M a u i..
25
25.000
There remain unsold tho following which are offered at 100.01 and
accrued Interest from M arch 15 1915:
110 Class " A , ” $1,000 each________________________________
_ $110 000
1,345 Class “ C ,” $100 each__________________________________I I I I I * 13-L500

Vale.

” '’' *

Sc
Sc

Sc

100,000

2,000

#

Nashville, Tenn.—

$250,500

Court o f Appeals Suspends Receiver­

sh ip .—

clared Valid .—

West Orange, N. J.— -Referendum

on Purchase of Water

Plant.

Bond Proposals and Negotiations this week
have been as follows:
, (S ta £0 oW —bo n d is s u e to r e t ir e fl o a t in g

«, r *
0 i branches o f the Legislature have passed a resolution providi f c i° rrnnnnn
? constitutional amendment authorizing an issue
o f S I ,500,000 short-time bonds to retire the State’s floating debt. The
amendment will be voted upon, it is expected, 90 days aftor tho Legislature
adjourns sine die.
H ALLEN COUNTY (P. O. Lima), Ohio.—
On July 23
the S M ,000 5% 1 Ji-year average road-im provem ent bonds were awarded
to Spitzer, K on ck & C o. o f T oledo at par and in t.— V. 101, p . 226.
AMBRIDGE, Beaver County, Pa.—
— Bids will be
received until 8 p . m . A ug. 2 b y C . Earl Steel, Secretary o f T ow n C ouncil,
io r j540,U00 4 M % tax-free street-im provem ent, sewage and refunding
bonds dated July 1 1915.
YamhiH County, O re .—
On July 22 the
$ lo,9 00 (>% 5-20-yr. (opt.) water works construction bonds were awarded
to the Western Bond A M ortgage C o. at par.— V. 101, n. 147. D enom
$500. D ate July 1 1915. Int. J. & J.

BOND SALE.—

BOND OFFERING.

BOND SALE.—

ANDOVER, Essex County, Mass .—DESCRIPTION

OF BONDS.—We

are advised that the $60,000 4 % sewer bonds awarded to E . M . Farnsworth
& C o. o f Boston at 100.76 on July 19, are in the denom . o f $1,000 and bear
date o f July 1 1915. In t. J. & J. D uo $5,000 yearly on July 1 from
1916 to 1927 incl.

ANTELOPE SCHOOL DISTRICT (P. O. Antelope), Sheridan
County, Mont .—BOND ELECTION.—An election will bo held to-d ay

(July 31) it is stated to vote on tho question o f issuing $3,000 school bonds.
ANTWERP, Paulding County, Ohio.—
On July 20
the two issues o f 5% coup. M ain St. im pt. bonds aggregating $10,600 were
awarded to the M oellering C onstruction C o. at par and int.— V. 101, p. 226.
Sidney Spitzer & C o . o f Toled o also subm itted a bid.
SCHOOL DISTRICT, Calif.—
An issue o f
$9,000 5% 3 -12-year (ser.) school bonds, dated Juno 22 1914, was p u r ­
chased b y the State Board o f Control on Feb. 11.

BOND SALE.—

BOND SALE.—

I n tlio p ro ce e d in g s b ro u g h t b y M ilo s B u rn s e t a l.,
ARMSTRONG SCHOOL DISTRICT (P. O. Armstrong), Emmet
C h a n c e llo r J o h n A llis o n o n J u l y 27 a p p o in te d as ro c e iv o r
County Iowa.—BOND SALE.— T ho $50,000 building bonds voted
fo r th e c i t y o f N a s h v illo R o b e r t V a u g h n , C le rk a n d M a s te r April
26 have been disposed o f.— V . 100, p. 1526.
o f tho C h a n c e ry C o u rt . O n th o sam o d a y C ir c u it Ju d g o
ASHEVILLE, Buncombe County, No. Caro.— BOND OFFERING.—
M a tth o w s sign ed a n o rd e r t e m p o ra rily su sp e n d in g M a y o r Dispatches state that F . L . Conder, Secretary-Treasurer, will receive
bids until 12 m . August 10 for S50.000 semi-annual 5 % 15M -yr.
H i l a r y E . IIo w s o , C o m m is sio n e rs R o b e r t E ll io t t a n d L y le sealed
(aver.) water bonds. Certified check for $1,000 required.
A n d re w s a n d C i t y T r e a s u r e r C h a rle s M y e r s . T h o suspen ­ . A.UtR P B £ ’ Stl ,L o (l i ? County, Minn.— BONDS VOTED.— The election
sio n w a s a cco m p lis h e d , it is sa id , u n d e r th o o u s te r A c t re ­ held July 20 resulted, it is stated, in a vote o f 135 to 74 in favor o f the
c e n tly passed b y tho L e g is la tu re . O n J u l y 28 Ju d g e W i l ­ question o f issuing tho $78,000 funding bonds.— V . 101, p.227.
BAKERSFIELD, Kern County, Cal .—BOND ELECTION PROPOSED.
so n , P re s id in g Ju d g o o f th o S ta to C o u r t o f C i v i l A p p o a ls ,
-Reports state that an election will be called to vote on the question o f
g ra n to d a w r i t o f supersedeas, s o ttin g asido th o a c tio n o f th o issuing $200,000 park bonds.
BALLVILLE TOWNSHIP ROAD DISTRICT, Sandusky County,
C h a n c e llo r in a p p o in tin g a re c e iv e r f o r th o c i t y . Ju d g o
Ohio.— BOND OFFERING.— Bids will be received until 12 m. A ug. 21 by
W ils o n also sup erseded th o in ju n c tio n o f C h a n c o llo r A llis o n , F
. C . Snyder, Clerk o f B d. o f Trustees, (P . O. R .F .D . N o. 1, Frem ont) for
w h ic h p ro h ib ite d th o C i t y C o m m is s io n fro m o lo ctin g su c­ $20,000 5% 8 5-6 yr. average cou p, road im pt. bonds, auth. Secs. 7033­
Gen. Code. D enom . $500. Date Aug 21 1915. P rin. and soini-ann.
cessors to th o o ffic ia ls suspen ded b y th o o rd o r o f J u d g o M a t ­ 7052
int. ( M . Sc S.) payable at offico o f T w p . Treas. Duo $1,500 each six months
th o w s . T h o a p p lic a tio n fo r a rc c o iv e r f o r tlio c i t y o f N a s h ­ from M ar. 15 1921 to Sept. 15 1926, Incl. and $1,000 on M ar. 15 and Sept.
v illo w a s m ad e o n b e h a lf o f M ile s B u rn s e t a l. a fto r a n a tto m p t 15 1927. Purchaser to pay accrued interest.
b y th o M a y o r a n d C i t y C o m m is s io n to ro m o v o B u m s fro m
th o o ffico o f C i t y C o m p tro lle r, a n o ffic o fro m w h ic h ho la te r
(op t.) coupon building bonds voted June 19. D ate A ug. 1 1915. Int7 (rate
ro sig n o d . I n his p o titio n M r . B u rn s c h a rg o d , a m o n g o th e r not
to exceed 6 % ) payable semi-annually.
th in g s , t h a t th o c it y s ’ fin a n co s h a d beon im p ro p e rly h a n d le d
BARNES SCHOOL DISTRICT, Kern County, Calif.— BOND SALE.
b y tlio M a y o r a n d C i t y C o m m is s io n . A s s ta te d in th o — 1 lie Security Trust C o. o f Bakersfield has been awarded, it is stated, an
“ C h ro n ic le ” o f J u l y 10, pago 147, th o C h a n c e ry C o u r t o n issue o f $2,000 6 % school bonds at 100.775.
t Beaver County, Pa .—BOND SALE .— On July 26
J u l y 5 a p p o in te d a spocial c o m m is sio n e r to ta k o o vid e n c o tho M 15,000 4!7^rL?
,12 % I7-yr. average disposal plant and refunding bonds were
o n thoso clia rgo s.
awarded to tho Warner & Fitzharris o f N . V . at 102.18 and int. a basis
about 4 .3 -% •— V • 101, p. 227. There wore eight other bids received.
New Mexico.— Borrowing Capacity o f M unicipalities .— o f BEDFORD,
Cuyahoga County, Ohio.—BOND OFFERING.— Bids
C h a p te r 54 o f th o L a w s o f 1915, a p p ro v o d M a r c h 12, c re a t­ will bo received until 12 in. A ug. 26 b y II. T . H ubbell, Villago Clerk, for
following 5% coup. Harriman St. street-im provem ent (assess.) bonds1
in g a S ta te T a x C o m m is s io n , also p ro v id e s t h a t th o in d e b te d ­ tho
$1,209 00 water-main bonds. D enom . 1 for $209, 2 for $500. D u e $209
ness o f a c o u n t y , in c o rp o ra te d c i t y , to w n o r v illa g o (o xco p t
Aug. 1 1917 and $500 A ug. 1 1921 to 1925.
1,038 60 sower bonds. Denom . 1 for $538 60, 1 for $500. D uo $538 60
d e b t c re a te d b y a c i t y , to w n o r v illa g o f o r th o c o n s tru c tio n o r
Aug. 1 1921 and $500 A ug. 1 1922.
p u rch a so o f a w a te r o r s o w o r s y s te m ) sh a ll n o t oxceod ono a n d
Prin. and semi-ann. int. payable at Cleveland Trust C o ., B edford.
o n t - t h ird p e r c e n tu m o f th o a c tu a l v a lu e o f ta xa b lo p r o p e rt y . Certified check on a solvent bank for 10% o f bonds bid for, payable to V il­
lage Treasurer, required. Bonds to be delivered and paid for within 10 days
T h is lim ita tio n is c o n ta in e d in S o c tio n 13, w h ic h w o v iv o in from
time o f award. Purchaser to pay accrued interest.
fu ll b e lo w :
b
BEEVILLE, Bee County, T ex.—BOND OFFERING .— Further details

Soc. 13. N o county or incorporated city , town or villago, shall over be­
com e indebted to an amount in tho aggregate, including existing indebted­
ness, exceeding one and one-third per centum on tho actual value o f tho
taxable property within such cou nty, city, town or villago, as shown by tho
last preceding assessment roll, and all bonds and obligations issued or con­
tracted in oxcoss o f such amount, aftor the tiino this A ct shall go into effect
shall bo void; but such limitation shall not apply to indebtedness for the
construction or purchase o f a system for supplying water or a sower svstem
for such city, town or villago.

New York State.— Amendment to Stale Finance Law, in
Relation to Temporary Loans and Revenue Bonds .— C h a p te r



are at hand relative to the offering on A ug. 2 o f tho $15,000 5 % 10-30-year
(opt.) sower-ext. bonds— V. 101, p . 308. Proposals for these bonds will be
received until 4 p. m. on that day by W . G . G ayle, C ity Secretary. A uth.
A rt. 925, R ev. Stat. o f Texas; also an election held July 12. D enom . $500.
Date A ug. 2 1915. Int. F .
A . at N ew Y ork and St. Louis. Certified
check for $500, payable to the " C ity o f B eevillo,” required. B onded d ebt
incl. this issue, $37,000. N o floating debt. Assess, val. 1914, $2,017,545.
BELVEDERE, Marin County, Calif.
.— T ho State
Board o f Control purchased on M a y 13 $15,000 5% 1-30-year (ser.)
municipal bonds dated M ar. 1 1915.

Sc

—BOND SALE

BEXLEY (P. O. Columbus), Franklin County, Ohio.—BOND

FEIUNG.— Bids will be received until 12 m .

A ug. 6 by Chester A . M iller,

[Vol. 101.

THE CHRONICLE

388

BONDS VOTED.—

C O L E M A N T O W N S H IP , H o lt C o u n ty , N e b .—
R eports state that this township recently voted in favor ot tho Issuance
o f §7,600 railroad extension bonds.
check for 5 % o f bonds bid for, payable to V il.T rea s. required
B onded
C O LU M B U S S C H O O L C I T Y (P. O. C o lu m b u s ), B a r th o lo m e w
debt incl. this issue §260,000; no floating debt; assess, val. 1915 §2,900,000.
C o u n t ™ lH d .-B 0 2 V D
July 27 the *40.000 4 K % 1 8 -year
average cou pon tax-freo school bonds wero awarded to Frank P . B rock­
B IN G H A M C A N Y O N , S a lt L ake C o u n ty , U ta h .—
man o f Colum bus for $40,631. equal to 101.577, it is stated.— V . 101, p.309.
— Proposals will bo received until 8 p. m. A ug. 4 b y F . W ■ Quinn, T ow n
Clerk, for the §17,000 6 % 5-10-yr. (op t.) water works system ext. bonds
C O R R E C T IO N V IL L E , W o o d b u r y C o u n ty , Iowa,.—
voted July 12. D enom . to be determined. D ate Sept. 1 1 9 1 5 . m t.
.—-Proposals will bo received until A ug. 10 b y A . W . Hatfield, M a yor,
semi-annually. Cert, check for 1% o f bonds bid for, payable to the Board for §5
000 20-yoar electric-light and power-extension bonds authorized
o f Trustees required.
b y vote o f 190 to 16 at an election held July 12.
B L A C K F O R D C O U N T Y (P. O. H a r tfo r d C ity ), I n d .
C R A IG , M o ffa t C o u n t y ,
. - T h e International
— It is stated that G . II. Nowbauer, C ounty Treasurer, will re­
ceive bids until 12 m . A ug. 2 for §13,000
% highway-im provem ent bonds. Trust C o o f Denver was awarded on M a y 27 an issue o f $40,000 6% 10-15(opt ) coupon water-works bonds at 97 and i n t .. D en om . (25 $1,000,
B L A K E L Y , L a ck a w a n n a C o u n ty , P a .—
O n Ju ly 26 yr
nm « n o
D ate July 1 1915. Principal and semi-annual int. (J. & J .)
the §15,000 5% coup, (with p riv. o f reg.) t a x - f ^ fire a p p a ra ^ s purchase pavabio in N ew York C ity . B onded debt (this issue), §40,000. Assess,
•>nd Borotizh B ldz constr. bonds were awarded to 1 illotson & W olcott o o .
val.
1914,
§423.700.
o f C l e v S a t l § i " d h i t . - V . 101, p . 147. T he Rtehvllle N at -B a n k
subm itted a bid o f par for local clients. D ate A ug. 1 1915. B onds are
C R A W F O R D S V IL L E ,
W a s h in g t o n
C ou n ty,
Iowa..
subject to call any interest period after A ug. I 1920.
.— T he §10,000 5
water-works bonds awarded on
Feb 2 to G eo M . Bechtel & C o. o f Davenport at par are in the denom . o f
B O W L IN G G R E E N T O W N S H IP S C H O O L D I S T R IC T
(P. O;
B ro w n sv ille ), L ic k in g C o u n ty ,
.—Bids will 8509 and dated M arch 1 1915— V . 101, p . 309. Int. M . & N . D ue §500
yearly N o v 1 from 1919 to 1030 incl. and §1,000 yearly N o v . 1 from 1931
bo received until 12 m . Aug. 16 by C . A . C ook. Clerk, B d . o f B d ., tor t i
82,500
blclg. bonds voted June 29.— V . 101, p. 227, auth. Secs. to 1934 incl.
7025 to 7627, incl., Gen. C ode. D en om . §500. Prin. and semi-ann. Int.
D A L L A S C O U N T Y (P. O . D a lla s ), T e xa s.—
.— 'Tho
( M . & S.) payable at office o f above clerk. Duo §500 yrly.on Sept. 1 from election held July 24 resulted, it is stated, in favor o f the proposition to issue
1916 to 1920 incl. C ert, check for 2% o f am ount o f b id , payable to B d. the §135,000 T rinity R iver bridge construction bonds.— V. 101, p. ^28.
o f E d ., required. Bonds to be delivered and paid for within 10 days from
D A L L A S IN D E P E N D E N T C O N S O L ID A T E D S C H O O L D I S T R IC T
tim e o f award.
(P O D M la sb M a rio n C o u n t y ,
question
B R E C K E N R ID G E , W ilk in C o u n t y , M in n .—
o f issuing $20,000 building bonds carried b y a vote o f 157 to 1 at an election
held July 23.
__ „ „ „
.
,
n a r t o m B e rk s h ire C o u n ty , M ass.
A t the tow nmc°MngM°Id July 26, it was voted to borrow §24,000 at not exceeding
int.
for
school
im
provem
ents,
reports
state.
required
Purchaser to pay accrued int. These bonds were reported sold
on M a r. 1 to II. T . H oltz & C o. o f C hicago.— V . 100, p. 831.

SALE.-On

BOND OFFERING.

BOND OFFER­

ING

FERING.

BOND OF­

4lA

TION OF BONDS

Ohio.—BOND OFFER!NO

514%

Colo.-BOND SALE

BOND SALE.—

DESCRIP­

'A%

BONDS VOTED

low*.-BONDS VOTED.-The

BOND^OFFERIN<N—

—LOAN VOTED.

T he
posed _
.
B R IS T O L , H a r t fo r d C o u n t y , C o n n .
.— On July 29 tho
8150 000 4 K % 25-yr. cou p ., w ith priv. o f reg., general city bonds were
awarded it is stated, to M errill, Oldham & C o. o f Boston at 100.089 and
int.— V .’ 101, p . 308.
B R O W N S C H O O L T O W N S H IP (P. O. F r ie n d s h ip ), R ip le y C o u n ty ,
I n d .__
.— Bids will be received until 12 m . A ug. 14, by

—BOND SALE

ROND OFFERING

§500 required.
B R O W N T O W N S H IP S C H O O L D IS T R IC T (P . O . F le t c h e r ),
M iam i C o u n ty , O h io .—
— By a voto o f 124 to 67 th e
proposition to issuo §25,000 school bonds carried, it is stated, at tho elec­
tion held July 17.
B U C K IN G H A M C O U N T Y (P. O. B u ck in g h a m ), W . Va
On July 26 the §40,000 5 % road bonds w e re awarded to Baker,
W atts & C o. o f B altim ore at par and int. D enom . §500. m t. J.
J.
D uo in 20 years, subject to call not less than $500 yearly.
B U E N A V IS T A C O U N T Y (P. O. S torm L a k e), I o w a .
__Geo. M . Bechtel & C o. o f Davenport were awarded on Feb. 5 an issuo
o f §21 500 5 % bonds for §21,870, equal to 101.72. D enom . (21) §1,000,
(1) $500
D ate Jail 1 1915! In t. J. & J. D uo §6,000 1921, 1922 and
1923 and §3,500 1924.
C A B E LL C O U N T Y (P. O . H u n t in g t o n ), W . Va
On July 27 the §600,000 5 % 20-30-yr. (op t.) coupon road inapt, bonds were

BONDS VOTED.

.—BOND

SALE.—

—BOND SALE

.—BOND SALE.—

4A %

^ Elm ore T w p .

D enom .

6

600 ! ' n .' K eith et al road bonds in W ashington T w p . D enom . §330.
D ate lu lv 15 1915. Int. M . & N . Due ono bond o f each issue each six
m onths from M a y 15 1916 to N o v . 15 1925, inclusive.
D A Y T O N , O h io .
. - O n July 27 the $135,000
5 «vc*ir average water-works im pt. bonds were av.arded to It. L. D a y &^Co.
o f B oston for $136,936 15, equal to 101.434, a basis o f about 4 .4 2 % .—
V. 101, p. 148. Other bids were;
E . H . Rollins & Sons, B oston .............................................................. r t r ’w t 7'!
Spitzer, R orick & C o ., T o le d o ........................................................... 18ft 1R8 ™
W eil, R o th & C o ., Cincinnati
-------------------------- ---------- - .......... { T - ’ ooq cq
Harris, Forbes & C o ., N ew Y o r k .................... - ................................

—BOND SALE

OFFERING.

D E C A T U R C O U N T Y (P. O . G r e e n s b u r g ), I n d .— ROAtD
— Bids will be received until 2 p. m . A ug. 9 by A lbert Boling, C ounty 1 reasurer, for tho following
5 2-3-year average hlghvvay-impt. bonds
§2 700 James Clino et al. highway bonds in M arion T w p . D enom . §135.
13,280 O. M . E lder et al. highway bonds in W ashington I w p . D en om .

4A%

D-Vtn Tuhr "l5 1915. In t. M . & N . D u o one bond o f each issue each
six m onths from M a y 15 1916 to N o v . 15 1925 incl.
D F C K E R V IL L E S a n ila c C o u n ty , M ich .
.— Bids
wih be rccN vcd until 8 p . m . A ug. 11 b y S. B. Y ou ng, Village Clerk, for
o . k non
1 0-vear coupon water and light plants im provem ent bonds.
?w?nmn° 8 1 0 0 0 * D ate Aug 1 1915. Int. F . & A . at People’s State Bank,
S Certified check for §200, payable to a bovo Clerk, required.
Boncfed" debt n o ? inefuding this issuPe .y$23,800; floating debt, §1.200.

—BOND OFFERING

—BOND SALE.

A

— On
Harris1 F orb es'* C o'.^N ! Y 'A S60L.3891J ■C . M ayer & C o. C in c in ..$600,810 A DEFTANC E C O U N T Y (P. O. D e fia n c e ), O h io .
T n h o o t h n 817 000 5% 4 -year average inter-county highway impt.
W eil R oth & C o
Fifth)
|Field Richards & C o ., C in .. 600,780
botids^were^w arded^to ^ .e ^ ^ ^ ^ t o n -G
’ - A V ^ T o i ^ f A osA
T hird Nat Bank. Cin. and) 6 00,9031Seasongood & M a yor, C in .. 600,2.50
§17,150 10, ( 1 0 0 .8 8 2 ) and int.— a basis o f about 4 .7 9 % . v . i u i , p. -2 8.
Stacy & Braun, T o le d o --J
C A L IF O R N IA .—
— On July 28 tho §2,500,000 4% 4 3 H -y r.
a f ? } ^ i r Brl?nnWT oled o
§17 112 4 9 1H ayden,M iller& C o.,C Iev.§ 17,068 00
(aver.) highway bonds dated July 3 1911 were awarded at public auction, Ip h z e r R orick'& C o .. T o i .l Y 0 9 2 00 Sidney Spitzer & C o ., T o l. 17.041 20
it is stated, to 32 counties in tho State.— V . 101, P- 308.
Otis & C o .. C leveland____ 17.070 001
C A L L IC O O N AN D L IB E R T Y (T ow n s) C E N T R A L R U R A L SC H O O L
n irr t a F m t o n C o u n t y O h io .—
On July 2/ the §6,500
D I S T R IC T N O . 3 (P. O. Y o u n g s v ille ), o u lliv a n C o u n t y , N. Y .—
prP s f / lA | * U lson y o u *
__ hnmlc worn awarded to Otis
Cn nf
O / o I /2
SALE.— July 26 tho §6,000 5% 1 3 ^ -y r . average school bonds Clevel
were awarded to 1. W . Sherrill C o. o f Poughkeepsie at 102.06 and int.,
p. 228. m e c e c u m s oavo. —***■■- — —
_
, —
basis o f about 4 .7 9 % .— V . 101, p . 308. Other bids wero:
n F w i T T S C H O O L D I S T R IC T (P. O . E ast S y ra cu se ), O n o n d a g a
G B . Gibbons & C o ., N .Y .S 6 ,120 6 0 1Farson Son & C o N . Y . . . . §6,000
w iu avnuu
.— Bids will be received until Aug. 5
ir \ K a h ler & C o ., N .Y - 6,091 80 Hanchett B ond C om pany o f
___
b y II M i’. Riclm VdionM ’res! o f School B oard, for an Issue o f §15,000 school
D ou g. Fenwick & C o. N .Y . 6,021 501
C h ic a g o -------------------------- 6,000
C A N D O , T o w n e r C o u n ty , N o. D a k .
.— An elec­
' ’ " n T P u r v S fiH O O L D I S T R I C T (P. O. D ick e y ), L a m o u r e C o u n t y ,
tion will bo held A ug. 5 to voto on tho question o f issuing §12,000 4 % 20election hold July 14 resulted in favor,
year municipal auditorium-construction bonds. D enom . $1,000. Int. t l o D f k - / ? O V
annually. A like issue o f bonds was reported sold on Juno 7 to tho M in n e­ it?s s u t e d . o f the question o f issuing § l .500 building bonds.
nm
crwA
IR
R
IG
A
T
IO
N
D
I
S
T
R
IC T N O . 1 (P. O. D o n n a ), H id a lg o
apolis Trust C o. o f M inneapolis.— V . 100, p. 2182.
? in ? v NV x - / 1 0 A ' O
A n election will bo held
C A N T O N , S t. L a w ren ce C o u n ty , N. Y .
C o u n ty , T ex. uwiv
question o f issuing §750,000 5%
T he question o f issuing §10,000 water-works bonds was dofoated at tho
election held July 22 by a voto o f 54 “ for” to 179 “ against.’
tho place o f tho §990.000 issuo voted In A pril.— V- 100. p . 1614.
C A R L S T A D T , B erg en C o u n ty , N . J .—
Bids
'R n n n ock C ou n ty* I (H h o .— BOA D
An olccwill be received until 8 p. m . Aug. 12 by Ernest W alm ach, Borough Clerk, t l o,nr\wwTi,v
n ^ U i e h’e ld o n ^ S g . 24 to vote on the question o f issuing §22,500 6%
for §27 000 4
3 0 -ycar coup, (with priv. o f reg.) funding bonds.^ D ate
20-vear watcr-works-plant purciiaso bonus.
July 1 io i5 - Prin. and semi-ann. int.— J. & J.
V ttA A t o o n n u T V IP O J a s p e r ), I n d .—
July 24
Trust C o ., N . Y . Certified check for §500, P - „ ------------DT?P,°-Ir^ Ci9Pw Ana l-ini pro veinent bonds wero awarded to tho First
stadt ” required. Bonds to bo delivered and paid for at 10 a. m . Sept. 1
at office o f U. 8. M tgo. & Trust C o ., N . Y ., which will also certify as to the N -vtSBank
V*
V
p
2 2 ^. There were four other bidders.
I j ctH »v•
V . x
.1
___
_______ T V i a __________U n \ m n TP TS TP T) t \ r n
genuineness o f these bonds. Bids must bo mado on form s furnished by
the borough.
C A T T A R A U G U S , C a tta ra u g u s C o u n ty , N . Y .
On July 26 the §18,000
7 ^ - y r . average cou p, highway impt. bonds
were awarded to the Bank o f Cattaraugus for §18,012 oO (100.069) and
semi-annually at some Place m . m w a u ^
o00yearlyfrom1916 to 1925
int.— V . 101, p . 308. Other bids wero
fnc^usivek ? 2 0 0 0 °yearly from 1926 to 1930 inclusive, and $3,000 yearly from
Isaac W . Sherrill C o .. Poughkeepsie........................................-100.03 and int
1 9 3 1 to i9 3 5 hiclusivoy
T otal bonded indebtedness, including this issue,
G eo. B . Gibbons & C o ., N ew Y o r k -.....................................1 0 0 .0 3 and int
Douglas Fenwick
C o ., Now Y o r k -----------------------------------100
and int
$106,000. Assessed valuo 1914. $3,572,347.
C E D A R R A P ID S , L in n C o u n ty , I o w a
.— Local
papers state that this city proposes to issuo $25,000 dam -com pletion bonds

BOND SALE.

BOND

BOND SALE.

On

Sr.

OFFERING

BOND ELECTION

/ T E D .-A n

—BONDS DEFEATED.— r

ELECTION PROPOSED—

BOND OFFERING.—

lA %

I IOi\,

BOND SALE.—On

4'A%

&

—BOND SALE.—

^f

.—BONDS PROPOSED

$3,047 50 (101.583) and int.— V. 101, p. 227.
received.
C EN T E R V IL L E , T u r n e r C o u n ty , S o. D a k.
question o f Issuing $27,000 5% sower bonds carried by a voto o f 113 to 78
at an election held July 16. r"*
n „n m n. m
in. 1.5
and 20 years.
C H A R L O T T E S V IL L E , A lb em a rle C o u n ty ,
.—
B y a vote o f 171 to 84 the question o f issuing §75,000 school-bldg, bonds car
rled, it is stated, at an election held July 20.
C IR C L E V IL L E , P ick a w a y C o u n ty , O h io .—
On July
22 the §5 000 5% .5 - vear average cou p, taxable fire-apparatus-purchase
bonds were awarded to the First N at. Bank o f Clrclevillc at 100.90 and int..
a basis o f about 4 .8 1 % — V . 101, p. 227. Other bids wore:
J. O. M ayer
O in c--$5 ,0 4 4 50 Prov. Sav. B k. & T r. C o .,
C in cin n a ti______________ §5,013 50
Davies-Bertram C o ., C in -- 5,037 50
Tiliotson & W ol. C o ., C lo v . 5,026 50 Stacy & Braun, T oled o --------- ,5,007 00
Seasongood & M ayer, C in . 5.020 00 Otis & C o ., C leveland_____ 5,000 00
C IT R U S G R O V E S C H O O L D IS T R IC T , F ro s n o C o u n ty , C a lif.—
— B lyth, W itter & C o. o f San Francisco have been awarded
S t 000 6 % 5-8-year (ser.) building bonds at 101.6.5 and int. Denom . § 1 .­
000. Date June 30 1915. Principal and annual hit. (June 30) payable
at the C ountv Treasurer’s office. Duo §1,000 yearly Juno 30 from 1920 to
1923 Incl. Total bonded debt (this issue) $4,000. Assess, val. 1914
§90 520. Legality o f this issuo to bo approved by Goodfellow', Eells
M ooro & Orrick o f San Francisco.

BONDS VOTED.—'Tho
a.
Vs,.—BONDS VOTED

A

& Co.,

BOND SALE.




BOND SALE.—

of

1
nf bonds hid for. payabio to oouucluc oi
requireci. Donas to oo
d cl ive red mKl o a Id fo r at 11 a. m . A ug. 23 at office o f U . S. M tgo. & Trust
Co N Y umess another date shall be m utually agreed upon. Bids must
bo unconditional and uopn forms furnished by the city. Purchaser to pay
accrued interest! T ho above trust com pany will cortify as to tho genuine­
ness o f the signatures o f tho city officials signing tho bonds and tho seal
imnressed thereon, wiiilo tho legality will bo examined b y Caldwell, M asslich
nuiirosseu UI , , , ’
., , 1,, ,,1 io-, f f h n r n n f will in

Iiroperty

—BONDS VALIDATED.—

1914", *$51^375,649.”
E AST P O IN T , F u lt o n C o u n ty , G a .
Renorts state tiiat on July 21 Judge Bell o f the Superior Court signed an
o r X validating an issuo o f $30,000 5 % school building bonds.
E B E N SB U R G , C am b ria C o u n t y , P a .
.— On July 23
an issue o f §3.5,000
reg. tax-freo im pt. bonds was awarded to the
M ellon Nat Bank o f Pittsburgh, it is stated. D enom . §.500. Date July
23 1915 In t. J & J. Duo on July 23 as follows: §5,000 1920, §6,000 1925,
$7,000 1930. §8,000 1935 and §9,000 in 1940.
E L B E R T O N , E lb o rt C o u n ty , G a .
.— Sealed bids
will be received until 8 p. in. A ug. 11 b y W . F . Jones, C ity Clerk,, and
Treasurer for §10,000 6% electrie-llght-rcfunding b o n is . Denom . $o00.
Date July 1 1915. D u e July 1 1935, subject to call §2,030 yearly July 1

4}4%

—BOND SALE

—BOND OFFERING

JriiY 31 1915.)

THE CHRONICLE

1929 to 1933 Inch Certified check for $200 required. Bonded debt,
$100,500.valuation,
Floating.$2,977,240.
debt less than .$10,000. Sinking
iund, $25,841 issue,
97. Assessed
K ittitas County, W ash.— BONDS VOTED.— B y
vote of 117 to 30 the question of issuing .$100,000 6% co
* ‘
Sl \ i Vs 7S w ic , 1 i ^-SoOO.
V n lect&n.
JulyI W
lo i. and
p. i Lsoini-ann.
. ______int.
_
D ateheld
Sept.
1915. v :Prin.
-(iv ' * ;;-). P ^ blc at the Washington fiscal agency in N . Y. or at the City
8T win ™ ,of uCHV D'lensburg, at the option of the holder thereof. Duo
?Q>7°«o7nny
So!,) t Sept.
a 1 f™,m,
19291928
to 1921
inch.
Sept. 1Sopt.l
1925. 1935
1920.
1J-7, $9,000 yearly
1 from
to 1934
inch;$4,000
and $10,000
ENGLEWOOD, Bergen C ounty, N. J. — BOND OFFERING.— Pro­
posals will bo received until 8 p. in. Sept. 7 by Robert Jamieson, City
Clerk, for $150,000 4% % 30-year coup, (with privilege of registration)
school bonds. Denom. $1,000. Date Sopt. 1 1915. Prin. and somi-ann
Int. (M . & S.) payable at U. S. Mtgo. & Trust C o., N . Y . Cert, check on
an incorporated bank or trust company for 2% of bonds bid for, payable to
City Troas., required. The U . S. M tgo. & Trust Co. of N .Y . will certify
as to tho genuineness of the signatures of the city officials signing the bonds
and the seal impressed thereon; and tho legality of these bonds will bo am
proved by Hawkins, Delafioid & Longfellow of N . Y ., whose favorable
opinion win bo furnished purchaser. Purchaser to pay accrued interest.
I he off icial notice of this bond offering w ill be found among the advertise■
merits elsewhere in this Department.
ESCONDIDO, San Diego County, Cal.— BOND S A L E __Tho Ststn
bonds
m g Due
n Jan'7,$12.666
65 5%to water-improvement
uonus. 0 Da0tot.Tn
u ato Julyv T1 i1913.
serially from 1929
1952.
BOAVj1SM^/rZAn SCTHi0 ^ I,i DISTRICT, Los Angeles C ounty, Cal.—
wermnm-cha^orThv
6h°Board
$4,000of6%
^ 0 -y e aV.
r (serial)
were puicnased by ftiio Stato
Control.—
100, p. building
1452. bonds
R ep ortffta^ th^ T th, (K’ ° - NowarkJ. N. J.— BONDS AUTHORIZED.—
^^V)rin^o^wi0^
° Ff e?holders
on July 22bonds.
authorized tho issu­
eance°of
r ; 01 $$418b,000
road andti;irl
warden's
home construction
quusUon o n s ? id n -f w orm 8, C}$ y Coun.ty « Mo.— BONDS VOTED.— The
2nElection held July °21 I,avllion-erecti°n bonds carried, reports state, at
defedN
? 0UI.tol t7tho
’, N offering
o. Caro—
i i«ms aro at hand lelative
on BOND
A uk 17OFFERING.—
of tho 840 000Further
(v

389

SCHOOL DISTRICT (P. O. Hamtram ck), Wayne C ountv, M ich.— BOAD E L E C T IO N .— It is stated that
an election to decide whether or not this district shall issue $75,000 building
bonds will bo held Aug. 4.
»Q?nnNCOCK’ W aushara C ounty, W is .— BOND S A L E .— On July 23
$3,000 pavement bonds wero awarded to local parties as follows; $ 1,000 for
^'nnn\d«nL 00 t°rmrr5s'T P cn°m-. $500. Date ($3,000) Aug. 2 1910 and
($o,0 U0 ) Sept. 1 1915. Int. ann. in April. Due on or before April 1 1917.
IV A R R A N T ^ m ^ r r p ^ j r (vr ° ‘ H anna)’ La Porte County, Ind .—
i™
, ' % OI; / i? 1 N b.— Newspaper reports state that proposals ad2 m.
m Aug.
Aug i 7ror ^
rvp• Trustee.
" ill be considered until 10
a.
.>20,00 0 10 5 % T15-year
warrants.
HARRIMAN, R oane C ounty, T enn .— BOND OFFERING__ Prnnnsnk
$84 nnnr<orp
/i$7d ilj
8 P'’am
' Aug'
W - c - taxable
Anderson,
Mayor,
for the
$84,000
'A % 1 1
^\i'aK
0 go3 ,5y
d coupon
funding
bonds.—
W
(Pv,14?-)
$1,000. Date July 1 1915
Int J & J at
Mter 1 acert,
Cert?achock
2 hock'f(^'
in 5, Xears
$4,000
yearly
th'ereaiter.
for 11% of bid, payable
to and
above
Mayor
required
Wndd dAs°sossinv ii 19S14S$^$l«Vow>?0; fJ?a5inK d,ebt’ $84,000
No sinking
(toili 8 17 SS°'rv,VXi l'., w 4 ’ 301,'2^Z;!)8 2- htato and county tax rate (per .81,success as 5s on July 20 ^ V.' lOi, p 3 i 0TbCSe bonds wcre offered without
BCEYD ^ / SE H ?»nLrm1 S(P R 1 9 T (P' P i H avana), Mason C ounty, 111.
was awarded to^tho*?farsJ«yr r a» issuo of .$27,500 5% 15-yr. school bonds
$500 W Ddate July 1 19i t I n t j & j ! ^ ° f 'ChlcaB° at 102'634’ D enom.

fPH0 MR oofov ?lt)T ? 7 ^ ? ,),,Un IOIl PREE SCHOOL DISTRICT NO.

8

win be/ cei veedunt)t
i
l
“
J 8 a’t ° F 1rs t^Na t b Barfka C!<>eennr f ^ *Da t l n t ’ Denom. S l’,000. Int. j . &
Jan. 1 frorn* 19251t o l ’9 41f ln c l6 ami1®’] .foo" J ^ n ^ r i o d i ^ S e r f c h ^ ' for
o% with
Of bonds
bid interest
for, payable
to Bd.
E d., required
Bonds 'to bee paia
o'i d
for
accrued
on Sept.
1 atofabove
bank.

M
? non
Li°r3 A n p le ? C ounty, Cal.— BOND S A L E .— On
M ay 1 J $lo,000 54a % 1-15-yr. (ser.) municipal bonds dated Jan 1 1915
were purchased by tho Stato Board of Control.
1 191

Coun^tyf“iC a n ^ -Bo n ’d.?VO'P e d T- b v a vote o ? q u e s d h i n

s u w a s is w

c”™j’ *

n , ^ I 9 Iw IF Wc COI! SOJ,IDATED SCHOOL DISTR IC T (P. O. A lta ),
®Pe» a Yiata C ounty, I o w a — BOND S A L E .— N o arc advised that'the
Tnvnnra \T 0r ^neso bonds will be received until 12 m. on that day by Ben A $13,000
5% building bonds dated March 13 1915 have been awarded to
N e ^ Y o i * Sl ’1° 09- -Pate APril 1 ^ 1 5 . Int A & O in tho Farmers Loan & Trust Co.—-V. 100, p. 1019.
vearlv April from
y/ 'a^X A P-rl1,1 frpm 1920 to 1931 inch and $2,000
C al .— BO N D S V O T E D .— Reports state that the
tho Mavor r L n b w i19,n to119 !-) Inch Cert, check for $500, payable to m
election held July 19 resulted in favor of the question of issuing 840 000
$15 OOO No^inldnv
fund de£ debt, tills issue, $10,000. Floating debt, road
and strcot-impt. bonds.— V. 101 . p. 119.
sin,ting fund. Assessod valuation, $1,014,242.
SCHOOL DISTR IC T (P. O. H illsborough), Cal.
Iowa. 7-?/FLVD^C D N F «A r / 7 ? ^ ITiT (P' ° ' Fayette), Fayetts County* — ROADS VO I E D . 1
lie question el' issuing $30X00 building bonds
schooi-buildin"
bonds
Question ol issuing S ib ,000 highit is stated, at tho election 1 eld July 17.— V. 101. p. 149.
was 50 “ f o ^ a n d 96g a i n s t ” 7 a" cIcction hcId July 20' Tho voto carried,
HILLYARD, Spokane County, W ash.— BONDS A U T H O R IZ E D .—
!S n S stato ^ ia5; pn July 13 tho City Council authorized the issuance of
O hio.— BOND SALE.— On July 20 the >opG
reports state to°ihe Provident
T>r^,miP tV Savings
o0n<il s’ a?kregating
.$19,877,
awarded, 6,0 0 0 water-plant-installation bonds.
Bank & Trust
Co. ofwere
Cincinnati.
HOSOKEN, H udson C ounty, N. J .— BOND O F F E R IN G — P roposal
be received until 10 a. m. Aug. 4, reports state, by Dan. A. Haggerty
b i c ^ Sawarded
c K i ^ rinU?oU$2^000
/ Vingt°average
n )’ I n dcoupon
~ B ID tax-free
S.—T he bridge
other will
^ y C l e r k . ior the $00,000 4 % 30-ycar gold coup., with privilege of regis"
bonds
t r v m i 4 ^2° / ^3H-yoar
81^m t) ’ Si w ^ r W ^ ‘ ‘ horized on Ju|y i 4 — \ . io i. p. 310. Denom
Juiy]7a wereCXlfolhiws (V V O l t V lO P
at 10°'718 a’ld to t29at0 jHlY.1 I 915- I rmcipal and seml-ann. Int.— J. & J.— pay­
M „®r.
ille r * c<yn0 "°nTIndianapolis..
’nd.0vingt?,n - - ?^25,025|
,J l45!■ Meyer-Kiser
Bank, Indi-$25,015 50 able at office of City Treasurer. Certified check for 2% required.
anapolis_______________
T E M P O R A R Y L O A N .— This city recently negotiated a loan of 8175,000
(Pr : ° - BrooK^ N o )..In d .— BOND SALE.— On maturing in Jan. 1910 with Bernhard £ehclle& Co. ol N. Y. at3J4% int.
awarded in 1K0 v 0 ,4 # % 5 J*-year average highway-impt. bonds were
HOLYOKE, Mass.- T E M P O R A R Y L O A N .— The following bids were
?mn
. i ,ran.k "•* C?uLlty N a t- Dame of Brookviile for $9,177 03 received for tho loan of $100,000, maturing Apr. 4 1916, offered on July 28:
, Bros
_ & C o., Boston__Discount.
were';105 d fc" a basls of about 4.41% — V. 101, p. 229. Other bidders Blake
„ „ , .
Discount.
a3.42% C.
D. Parker & Co., Boston.h3.65%
National Brookviiio Bank, Brookviile________________
$0 ir>o 01
Goldman, Sachs & Co., N . Y.63.60% Bond & Goodwin, Boston__ 3.66%
N.
W.
Harris
&
C
o.,
Boston.
3.55%
Cropley,
AIcGaragle
&
Co.,
J. I . Wild & Co., Indianapolis_____
o' j - ■> •>.& C o ., B oston._ _ 3.56%
Boston
---------------------- 3.76%
National Bank, Muncio_______I _ 11111111111111111 o l f t «n Lstahrook
Moseley & C o., Boston.c3.59% I armers L. & Tr. C o ., Boston 4.00%
rnf/ef’ Elliott & Harrison, Indianapolis _
9 150 00 F. oS.Plus
prom, b pfus $2 50 prem. c Plus $1 S.5 prrrn. d l ’lus Sl ^
Fletcher-American National Bank, Indianapolis____I .. ! I I I I : : I 9 J 4 2 25 premium.$2 Tho
loan was awarded, it is stated, to Blake Bros. & Co."
S’ ^
T>N ,° 9 F ? w X , n 0 H ° ° L D ISTRICT NO. 11, V7ash.— BOND
T' L r ° )XJ,dy 29 ap lss“ « of $20,500 4% reg. bldg, bonds dated
State of \vr.',,.'i,'.l y , ‘ S 10,000 1-20-year bldg, bonds were awarded to tho Vu ,fw 71 ru1?15^ was
awarded to N. W. Harris Co. of Boston at 100.59, it is
toai935dln'-i8 1 ’500 July 11 1010 and SI .000 yrly. on July 1 from 1917
Interest .annm iT ^ugu'sT .1' * * ^
Donom' S500' Dat0 Au«' 1 ^

JulyU2f7?lm
R °chaverage
oster), highway-impt.
In d .— BOND SALE.—
On
awarded I rw,1'22,? 4H% 554-year
bonds wore
no other Welders. 1 Smlt 1 at par and bit.— V. 101, p. 229. There were
OFf'FR?Mn
BOUNTY SCHOOL DISTRICT NO. 3, W yo .— BOND
' LIIVO.-—Proposals
will bo received until 10 a. m . Aug. 14 bv c
^ 0r,£ Board of Trustees (P. O. Torrington) for5 $25,000 6
TniXe<? 11 o p o r bulldln« and equipment bonds!" Donom. $500. Date
trict Treas'uror!'requiret1J C6rtlfled Ch°Ck f0r S250’ pa7abl° to the
® ? AN'r COUNTY (P. O. M arion), In d .— BOND SALE.— On July 26
awarded a lffo llo w s^ % h,ghway"lm pt' bonds’ aggregating $47,100, wero
$ 2 ®>499 threo issues to tho Merciiants’ N at. Bank of Muncie for $25 131 sn
22.000 one issue to J. F. Wild & Go. of Indianapolis for $22,030.
D ate June 8 1915. Int. payablo M . & N . Breed, Elliott & Harrison
k - i * i<Ictclu'r-Anierican N at. J3ank of Indianapolis each submitted a
bid of par and interest.
GREEN CAMP, Marion County, O hio.— BONDS VOTED.— At tho
election hold July 17 tho question of issuing tho $5,000 electric-light-plant
bonds carried, reports stato, by a voto of 76 to 23.— V. 1 0 1 , p. 149.
GREENSBORO, G uilford County, No. Caro.— BOND OFFERING.—
mPFnM'eX'EU?
- (^'c?lv.ed
u»tU (aver.)
2:30 p. coupon
m. Aug.site-purchase
18 by T . J. Murphy,
Mayor,
vSL
i 0 $bU,U()0 05%
1 5 -year
and school
bldg.
w d ?XotT,d
I 3 — V- 101. I>. 149. Denom. $1,000. Date July 1 1915.
J ' P ,u,° $2,0 0 0 yearly July 1 from 1910 to 1945 incl. Cert, check
li rel)Mtab u hank for 2% of bonds bid for, payable to the City Troas.
Purchaser to pay accrued int. Tho validity of tho bonds will
pi paf®ed uP°n and approved by Caldwell, M asslich & Peed of N ew York,
? rr!10!1,
furnished tho purchaser without charge. Tho U. 8 .
of
the n,ty
f i t , 1•’Vr.‘V
Vf
N ‘XDie
t wil1 ', |'.r tify as to tho genuineness of the signatures
forms
f
l'ii:1
l
ls
a!'d
toim s turnished by tho city.seal impressed thereon. Bids must bo made on
nr<f,? !? I,7 ? Y y l3N^ Ii:R INDEPENDENT SCHOOL DISTR IC T (P. O

, 7 “ nr 7 Y ^ ^ er)’ G rundy County, Iow a.— BONDS VOTED.— By a vote
^ l(S ^^(^stion of issuing tho $85,000 bldg, bonds carried at the
election held July 19.— V. 1 0 1 , p. 149.
, HALLOCK, K ittso n C ounty, M inn. — BOND OFFERING.— Proposa's
vill l).o received until 8 [). m. Aug. 2 by F. Wickie, Village Clerk, it is
fSr ar.1 ISSU0 of $15,000 semi-annual 5% 20 -year electric-light-plant
construction bonds authorized by voto of 105 to 9 at an election held July 1 4 .
HAMILTON COUNTY (P. O. Noblesvillo), In d .— BOND OFFERING
— Bids will be received until 11 a. m. Aug. 3 by M . L. Cardwell, Cotintv
X E ’i f ' f0.1' the.following 4 'A %__liighway-improvement bonds: $2,800
and »on nJS 53,11 Crcek l wp., $7,000 Carey road in Washington Twp.
May$ l 58 i 9 i 6
road ln FaI1 Crcck; TwP- Hit. M . & N . Duo beginning
HAMILTON COUNTY (P. O. C incinnati), O hio. — B ID S.— The other
iw n /i00? to
tVCtrJ. (>.
n * Mayer
iS $500,000
4H Western
% 30-ycar
court-houso-eonstruction
bonds
awarded
& Co.,
German
Bank, Brighton German
Bank and tho Provident Savings Bank & Trust Co., all of Cincinnati on
u im ml",6 J)ld
102.135,
July 23 were as follows (V. 101, p. 310):
F}fth-Third
National
Bank,onCincinnati________________________
8506 ’900
hield, Richards & Co. and Stacy & Braun____
504 560
A .l'i. Aiib & Co., Cincinnati_______________________________
r,0 ’*’i;ni)
Otis & Co. and Curtis & Sanger________
_
501 712
HAMPDEN COUNTY (P. O. Springfield), Mass."—7 P A N o ^ r i ff /’v, “
—-Reports stato that the County Treasurer will r- i . ! ■ ’ ; o r ■■ ‘
Aug 3inloranticipation
a loan of $30,000
dated Aug. 5 1015. j. ati.Ci g N ov. 5 19157and
issued
of taxes.
'



n , ¥ ° N ^ ? YE y A l D3, M onroe C ounty, N. Y . — BO N D O FFERIN G .—
Bids will be received until 8 p. m. Aug. 3 by C. S. Lange, Vil. Pres, for
not more tban So.OOO 1-5-yr. serial highway bonds at not exceeding 5%
int. Denom. 81,000. Int. payable ann. on Aug. 1. Duo 81.000 yrly
required^ 5 yr'S' mc ' Cert- check for 5% of bid, payable to Vil. Trcas.,
HORNBECK SCHOOL DISTR IC T (P. O. H ornbeck). Vernon
Parish, La.— BONDS VOTED.— A favorable vote was cast it is stated
at the election|lield July 20 cn the question of issuing $40X00 bldg, bonds!
HOWARD_ COUNTY (P. O. Kokom o), In d .— BO N D S A L E . __On
July 22 the $5,600 4 'A % 5% -yr. average road bonds were awarded to O \
Somers of Kokomo for $5,618 80 (100.335) and hit.— V. 101 n ooq
Other bidders were:
'
J- F. Wild & C o., Indianapolis_____________________ $5,602 50 and int
IHetcher American Nat. Bank, Indianapolis__________ *5,602 00 and int'
tt Denom. $280. Dato July 6 1915. Int. M . & N.
'• HUDSON, Colum bia C ounty, N. Y .— BOND OFFERIN G .— Bids will
bo received until 2'p .' m. Aug. 9 by the Finance Committee, Henry M .
James, City Clerk, for the following 4)4j% coup, or reg. (option of purchaser)
bonds:
$15,000 high-school bonds. Due $10,000 in 1925 and S5.000 in 1926.
24.000 street-improvement bonds. Due $5,000 in 1926, $10,000 in 1927
and $9,000 in 1928.
5.000 So. Fourth and Union St. improvement bonds. Due in 1928.
10.000 water-extension bonds. Duo in 1929.
Dcnom.iSl.OOO. Dato from Aug. 23 1915. Int. F. & A. at office of
City Treasurer. Certified check for 2% of bonds bid for, payable to City
Treasurer, required, and also a statement in which bidder shall elect
whether bonds so bid for shall be coupon or registered. Separate bids must
bo made for each issue.
7 he official notice of this bond offering will be found among the advertise­
ments clsetvhcre in this department.
r HUDSON COUNTY (P. O. Jersey City), N. J .— BOND S A L E .— On
July 29 the threo issues of 4! i % coupon (with privilege of registered) bonds,

aggregating $1,050,000, wero awarded to Outwater X Wells of Jersey Citv
for $1,051,840, equal to 100.1752— V. 101, p. 229.
y
y
Other bidders were:
_
ci nr.q q0 r>
Hudson County Sinking Fund____________
L 1TMBni?BTATi T °-’ J-cr?eX. c it r $25?)081 25 for * the* $250,000 issue
£5®“ . BONDS N O T SOLD— TO BE
SOLD A l 1 R IV A T E S A L E .— H o bids were received for tho $65,000 6 %
sewer bonds offered on July 14— V. 101. p. 150. Tho Issue will be sold
at private salo.
INDIANAPOLIS, In d .-B O A 'D SALE. — On July 27 the $500,000 4'X %
40-year coupon tax-free library-building bonds wero awarded at 100 03
to a syndicate composed of tho following: J. F. Wild & Co Breed Elliott

& Harrison, Fletcher Savings & Trust Co., Miller & Co.. E . M . Campbell’s
Sons & Do Indiana rrasi Go., Meyer-Kiser Bank, Gaven L. Payne & (V .
M
erchants N atl.SeeBank,
and the hletcher-American National Bank, all of
Indianapolis.
V. 101, p. 150.
IOWA CITY, Joh nson County, Iow a.— X O A C T IO N Y E T T A K E N .
Tho City (derk advises us that no action has yet been taken towards tho
issuance ol tho >16,000 fire-equipment-purchaso bonds mentioned in Yr. 100
p. 69.
’
A1? ? WA MOVf Nn¥JP INDEPENDENT SCHOOL DISTRICT (P. o .
A lbion), Marshall C ounty, Iow a.— BOND S A L E .— Wells & Dickey Co
of Minneapolis has been awarded the $22,000 building bonds voted May 1

390

THE CHRONICLE

IVYLAND TOWNSHIP SCHOOL DISTR IC T .(P. O. Ivyland),
Bucks C ounty, Pa .— BOND SALE.— It is stated that this district has sold

an issue of $3,400 building bonds.
JACKSON COUNTY (P. O. B row nstow n), Ind . — BOND SALE .— On
July 24 tho $1,600 4 'A % 5 K-year average highway-improvement bonds
were awarded to tho First N at. Bank of Orownstown at par and in t.— v
101. p. 229. Ttu:re were no other Bidders.
u-I-'-'i
1 1
JASPER COUN’TY (P. O. Rensselaer), In d .— BOND OFFERING 5—
Alson A. Fell, Co. Treas., will receivo bids until 1 p. m . Aug.bonds
14 tor
4> 2 % 554-yr. average I.ewis S. Alter et al. hlghway-impt. bonds iiin Carpenter Twp. Denom. $400. D ate July 15 1915. Int. M . & N . Duo
§100 each six months from M ay 15 1916 to N ov. 15 1926 incl.
JEFFERSON COUNTY (P. O. Pine B lu ff), Ark .— BOND SALE.—
On July 19 $52,000 5% 20-yr. refunding railroad bonds were awarded .r e ­
ports state, to James Gould representing a life insurance company in iN
York at par.
JEFFERSON COUNTY SCHOOL DISTRICT NO. 26 (P. O. Three
Forks), M ont. — BOND SALE.— The $1,200 6% 8 - 10 -yT. (w t.) Wdg. and
equip, bonds offered on July 14 have been awarded to tho Stato Board ot
Land Commissioners at par.— V. 101, P- 150.
JEFFERSON SCHOOL TOWNSHIP (Pko&^nspQrt), Cass
C ounty, In d . — BOND SALE.— On July 24 tho * 1 3 .0 0 0 4 ^ % 5J£-yr.
(aver.) bldg, bonds were awarded, dispatches stato, to tho Fletcher A m ercan N at. Bank of Indianapolis for $13,027— equal to 100.207 a basis
of about 4.45% .— V. 101, p. 229.
JERSEY C ITY, H udson C ounty, N. J.— BONDS AUTH ORIZED.—

[Vol. 101.

Cert, check for 5% of bid required. Tho United States Mtgo. & Trust Co .
of N Y will certify as to tho genuineness of the signatures of the borough
officials signing tho bonds and tho seal impressed thereon, and tho legality
of tho bonds will bo approved by Dillon, Thomson & Clay of N. Y ., whose
opinion will bo furnished to tho purchaser without cliargo. Purchaser to
pay accrued int. Bids must bo made on printed forms turnishod by the
above-mentioned trust company or tho BorO. Clerk. Bonded debt, $ lo 8 ,000. Assessed valuation, real and personal, 1914, $2,613,000.

Date "Aug. 5 1015. Prin. and semi-ann. int.— 1<. & A .— payablo at C iti­
zens’ Bank in Johnstown. Duo $250 each six months from April 1 1917 to
Oct. 1 1920 incl. Cert, check for 10% of bid, payablo to Pres. Bd. of E d .,
required. Bids must be unconditional. Purchaser to pay accrued int.
LITCHFIELD TOW NSHIP (P. O. L itchfield), M edina County,
Ohio — BOND OFFERING.—-Bids will bo rccoived until 1 p .m . Aug. 23
by D ’ P Simmons, Twp. Clerk, for $10,000 5% road-impr. bonds. Auth.
Sec. 7035 et al. of Gen. Codo. Denom. $500. Date “ day of saleu Int.
A. &
1924,
1929,
---- --------------- .
.
of bid, payable to above Clerk, required.
LITHONIA, De Kalb C ounty, Ga.— BONDS DEFEATED. — Thoqucs*
tions of issuing $7,500 school and $5,000 city-hall and jail 5% bonds were
defeated at an election held July 24.
LONOKE COUNTY (P, O. L onoke), Ark.— BOND SALE.— On July 14
An ordinance was passed on July 22 providing for the issuance of a,4 %
30-yr. gold fire-house-renewal bonds in the amount ot $25,000. Date $25,000 Road Dist. No. 8 piko impt. bonds were sold, it is stated, at 98.;>0.
Aug. 1 1915. l ’ rin. and semi-ann. int.— F . & A . — payablo at office of
COUNTY (P. O. T oledo), O hio.— BOND OFFERING.— Bids
City Treasurer.15* Due Aug. 1 1945.
, willLUCAS
bo received until 10 a. m. Aug. 17 by Chas. J. Sanzenbacher, County
JOHNSON COUNTY (P. O. F ranklin), In d .— BOND SALE. — On Auditor, for $3,200 5% 5 H-year averago M ain Sewer Diet. N o. 2'bonds.
Auth Sloes. 6602-5 to b602-6, Gen. Code. Denom. S-kO. Date A.ug.
1915
I’rin and semi-ann. int. (F. & A .) payablo at office of County (Ireas.
$320 yearly from 1 to 10 years incl. after dato. Cash or cert, check
Breed JEUiott ic'H airisom ^nd.SAlolifFletcher Amer. N at. B k., In d .$7,102 Duo
drawn on a Toledo bank for $100 required. Bonds to bo doliveied on Aug.
J . F . Wild & C o.. Indianap ___ 7.1041Farmers Trust C o.. Franklin. 7.101
27 A complete certified transcript of all proceedings evidencing the regu­
JOHNSTOWN, F u lton C ounty, N. Y . — BOND OFFERING.— Bids larity and validity of tho issuance of theso bonds will bo furnished purchaser
will bo received until 11 a. m. Aug. 18 by W. J. Eldridgo, City Chamber­
LUTHER SCHOOL DISTR IC T (P. O. L uther), Boone C ounty,
lain, for $40,000 5% 5 K-year averago coup, funding bonds. Denom. $1,
VOTED.—-Tho question of issuing $30,000 building bonds
000. Dato Juno 1 19 5. Brin, and Int. semi-ann.—J. & D .— payable at Iowa .— BONDS
a favorable voto, reports state, at an election held July 20.
Johnstown Bank, Johnstown. Duo $4,000 yearly on Juno 1 from 191b to received
LYNDONVILLE, Orloans County, N. Y .— BONI) ELECTION. — The
1925 incl. Purchaser to pay accrued interest. Official circular states
that this city has never defaulted in the payment of principal or interest. question of issuing $7,900 street-impt. bonds will bo submitted to tho voters
Bonds may bo registered if desired. Total assess, val., $4,085,809.
on July 31.
LYONS, F u lton County, O hio.— BOND OFFERING.— Proposals will
KANSAS C ITY, Mo .— CERTIFICATE SALE.— On M arch 16 tho $200,­
received until 12 m. Aug. 17, it is stated, by F. Carpenter, Vil. Clerk,
000 (unsold portion of an issue of $295,621 35) 6% 1-20-year (ser.) park- bo
the $14,000 5% 7 ^ -y r. averago street-paving bonds voted Juno 23.—
fund certificates, Series “A7” , offered without success on D ec. 15 1914, for
V. 101, p. 63. Int. payable semi-ann. Cert, check for $500 requirod.
were disposed of at par.— V. 100, p. 752.
KARNES COUNTY (P. O. Karnes City), Tex.— BONDS D EFEATED .
LYTTON CONSOLIDATED SCHOOL DISTR IC T (P. O. L ytton ),
—Tho proposition to issue the $125,000 road-impt. bonds in Precinct N o. 4 Sac C ounty, Iow a.— BOND SALE.— Tho $10,000 semi-annual 5% 2-10failed to carry at an election held July 17.— V. 101, p. 150. Tho voto was yr. (ser,) bldg, bonds authorized by vote of 29 to 2 at an election hold
176 to 126, a two-thirds majority being necessary to carry.
July 23 havo been disposed of.
M cARTHUR, V inton County, O h io.— BOND OFFERING.— E . II.
KENNEBEC COUNTY (P. O. Augusta), Maine.— BOND OFFERING.
Perkins, Vil. Clerk, will receive bids until 12 m. Aug. 16 for $1,000 o A %
— B. P . Stuart, County Treasurer, will roceivo bids until 10 a. m. Aug. 3 coup.
St. impt. bonds. Denom. $250. Dato Sept. 1 1915. Int.
(dato changed from Aug. 27) for $20,000
15-year coup, tax-free funding navableMain
annually at Vinton County Nat. Bank. Duo $250 yearly on Sept. 1
bonds— V. 101, p. 311. Denom. $1,000. Dato Aug. 1 1915. Principal from 1920
1923 incl. Cert, check for $50, payablo to Vil. Clork, required.
and semi-ann. int.— F. & A .— payable at First N at. Bank, Boston, or Au­ Bonds to to
and paid for within 20 days from timo of award.
gusta Trust C o., Augusta. The First N at. Bank of Boston lias certified Purchaser beto delivered
pay accrued interest. Bond, debt (incl. this Issuo), $30,000.
as to the legality and genuineness of this issue. Bonded debt, not including
No floating debt. Assess, val. $936,364.
this issue, $50,000. Assess, val. 1914, $38,186,824.
MADISON, Dane County, W ise.— BOND SALE. — Loca papers state
KENOSHA, K enosha C ounty, Wis. — BOND OFFERING.— Proposals
will bo received until 2 p. m. Aug. 2 by Geo. W. Harrington, City Clerk, that an issuo of $25,000 street-improvmeeot bonds has been disposed or
“ over the counter.”
for tho following 4 lA % coupon bonds— V. 101, p. 63:
$100 000 lOM-year (aver.) Collins St. school bonds. Due $5,000 yearly
MADRID SCHOOL DISTRICT (P. O. M adrid), B oone C ounty, la .
16 from
to 1935 inclusive.
BOND SALE.— On July 1 the $30,000 5 % bldg, bonds were awarded to
60 ’000 Aug.
OK-year
(aver.)1916
main-trunk-sewer-extension
bonds. _Duo So,000 —
Well & Dickoy Co. of Minneapolis for $30,412— equal to 101.373.—
’ ycarlv Aug. 16 from 1916 to 1927 inclusive.
.
V. 100, p. 1692. Denom. $1,000. Int. J. & J.
Denom. $1,000. Date Aug. 16 1915. Principal and semi-annual int.
MAHONING COUNTY (P. O. Y oungstow n), O h io.— BOND SALE.—
(F & A ) payable at the City Treasurer’s office. Certitied or cashiers The
following bids were received for the three issuas^f 5% road-improvccheck for $1,000, payable to the “City of Kenosha,’’ required.

VOTE — The vote cast at the election held July 16 which resulted in
favor of’ tho question of issuing tho $125,000 park-site-purchaso bonds,
was 574 “for” and 403 “against.”— V. 101, p. 311.
KING C ITY SCHOOL DISTRICT (P. O. King City), Gentry Co.,
Mo .— BOND SALE.— Powell, Garard & Co. of Chicago were awarded
about M ay l.th e $20,000 5% 10 - 20 -year (opt.) high-school-bldg, bonds at
par and int.— V. 100. P- 1111- D ate M ay 1 191o. I n t.M .& N .
•
KINGSTON, Ulster C ounty, N. Y . — BOND SALE.— On July 12 an
issue of $24,000 4 'A % W ashington Ave. grade-crossing bonds was awarded
to the Ulster County Savings Institution at 100.20. Denom. $1,000
D ate July 1 1915. Int. J. & J. Due $6,000 on July 1 1917, 1919, 1921 and
1923.
K LIC K ITA T COUNTY SCHOOL DISTRICT NO. 96, W ash.—
BOND SALE.— On July 17 the $1,450 1-20-year (opt.) building bonds were
awarded to tho Stato of Washington at par for 5 A s.— V. 101, p. loO.
K LIC K ITA T COUNTY SCHOOL DISTRICT NO. 96, W ash.— BOND
SALE.__On July 17 tho Stato of Washington was awarded tho $3,500 1-10year (opt.) building bonds at par for o A s - — V. 101, p. 150.
K LIC K ITA T COUNTY SCHOOL DISTRICT NO. 15, W ash.— BOND
SALE.— On July 17 the $2,000 1-15-year (opt.) school bonds were awarded
to the Stato of W ashington at par for 5 A s . — V. 101, p. 150.
KOSCIUSKO COUNTY (P. O. Warsaw), In d .— BOND OFFERING.
— A. J. Logan, Co. Treas., will receive bids until 2 p. in. Aug. 3 for $10,240
4 A % hlghway-impt. bonds, it is stated.
KOSSUTH COUNTY (P. O. Algona), Iow a. — BOND SALE.— On
April 16 Geo. M . Bechtel & Co. of Davenport wore awarded $40,000 5 'A %
drainago bonds at 100.50. Denom. $500. Int. M . & N . Itl<l) ..a. _ ..
LADYSMITH, R usk C ounty, W i 3 .— BONDS PROPOSED.— This city
proposes to issue $12,000 5% coupon park bonds. Denom. $1,000. D ate
July l 1915. Principal and somi-annual int. payablo at tho City Ireas.
office. Duo $1,000 yrly. July 1 from 1923 to 1934 incl.
LANGHORNE TOW NSHIP SCHOOL D ISTRICT (P. O. Langhorne)
Bucks County, Pa. —-BONDS PROPOSED.— Local nowspapor reports
state that this district is contemplating tho issuance of §13,400 bldg, bonds.
LANSING SCHOOL D ISTRICT (P. O. Lansing), Allamakee C ou n ­
ty, Iow a. — BOND SALE.— The I’cople.’s Stato Bank of Lansing has pur­
chased, it is stated, $25,000 school-bldg, bonds at 101.07.
LA PORTE C IT Y INDEPENDENT SCHOOL DISTR IC T (P. O. La
P orto), Black Hawk County, Iow a .— BOND SALE.— During the m onth
of M ay the $25,000 high-school-bldg, bonds wore awarded to Geo. M .
Bechtel & Co. of Davenport at 101.028.— V. 100, p. 1282
■
LA PORTE COUNTY (P. O. La P orte), In d . — BOND SALE.— On
July 24 tho $7,400 \ A % 5 M-yr. averago hlghway-impt. bonds wore
awarded to J. F. Wild & Co. of Indianapolis for $7,401 50 (100.060) and
in t.— v. 101, p. 230. Breed, Elliott & Harrison of Indianapolis bid $7,402
and int.
LAWRENCE COUNTY (P. O. Iron ton ), O hio.— BOND SALE.— On
July 24 tho $100,000 5% 30-year turnpike bonds were awarded, reports
stato, to Field, Richards & Co. of Cincinnati at 101.340— a basis of about
4.729% .— V. 101. I). 63.
LEICESTER (P. O. M oscow ), L ivingston County, N Y .— CER
TIEICATE OFFERING.— Proposals will bo received until 10 a. m . Aug. 2
by Dorns Thompson, Town Clerk, for $2,500 5% highway certificates of
indebtedness. Auth. Secs. 93 and 96, Highway Laws Stato of N Y.
Denom . 1 for $500, 2 for $1,000. Duo $500 Feb. 1 1916 and $1,000 on
Feb.? 1 1917 and 1918. Separate bids must bo mado ior each certificate.
LEON COUNTY (P. O. Tallahassee), Fla.— BONDS PROPOSED.—
Reports stato that preliminary steps aro being taken by tho County Com­
missioners to float an issue of road-construction bonds.
|
LEONIA, Bergen C ounty, N. 3.— BOND OFFERING.— Further de­
tails are at hand relative to tho offering on Aug. 2 of tho $75,000 5% fund­
ing bonds.— V. 101, p. 311. Bids for thoso bonds will bo received until
8 p. m. on that day by H. M . Thompson, Boro. Clerk. Denom. $1,000.
Dato Aug. 1 1915. Int. F . & A. Duo on Aug. 1 as follows: $10,000 yrly
from 1917 to 1920 incl., $5,000 1921 and 1922 and $25,000 Aug. 1 1945..



o S f& C o .1? Cllvel^nd .11-8 *$ 12 4722 0 0 |Brced“ E lliot & Harrison?’
Seasongood & Mayer, Cin. 12,404 60 j Ii0^vdl'sav* &Bk". C ol 111^12,’390 95
MALONE, Franklin County, N. Y .— BONDS NOT TO BE ISSUED
a t PRESENT — We aro advised that tho State Highway Commission has
;
t,p.,nterl the request of this village for brick pavement, consequently
there ^s^o prospect ofan* immediate issiio of tho § 10,000 bonds, voted for

m ANPPIP3T P S O ntario C oun ty, N. Y .— BONDS PROPOSED.— We
a r ^ v i s e d that S is village will shortly issue bonds to construct a $35,000
water system
The application is now before the Conservation Board.
The formalities of tho issuo have not yet been completed.
MANILLA INDEPENDENT SCHOOL DISTR IC T (P. O. Manilla),
rawford C
ounty, Iowa.— BOND SALK. Iho §4o,00() \ / i /o 10-yr.
Crawford
________
ivh-school-hldsr. bonds
bonds voted
voted -March
liigh-school-bldg.
- - - - - -15
­ have boen awarded to Geo. M .
Bechtel & Co. of Davenport.— V. 100. P- 1111MANSFIELD WATER SUPPLY DISTRICT (P. O. M ansfield),
B ristol County,
12 in. Aug. 2 by 1
average coupon taxn ^ k PBosaton SCKuc$1U000'veariy on A u g.'l from 1916 to 1945 inclusive.
Tho above bank will certify m to tho senulnem s of these bonds. and[ their
legality will be approved by Ropes, Gray, lloydon & 1 erklns or Boston,
whoso opinion will be furnished purchaser.

__________

_________ ____ _ _ _ i >

,000

yrly April
MANZANA SCHOOL DISTRICT, Los Angole 3 C ounty, Cal .— BOND
=
'ifT h e $ 1 200 6 % l- 6 -v“ (ser.) bldg. Bonds offered on March 22
wc/o^purcliased iiy tho 3 tate Boarcl o f Con trol on May 2 0 .- V . 100, p. 921.
MARATHON, Cortland C ounty, N. Y . — BOND S A L E . -On July 26
tho $10,400 11-year reg. road-improvement bonds were awarded to Isaac
W. Sherrill Co. of Poughkeopsio at 100.03 lor 4. 60 s V. 101, p. 311.
Other bids were:
, __
H. A. Kahler & C o., New York \
.................................... JO.Oi
4.70s
Douglas Fenwick & C o., New York...................... ............. -100.164 4.7os
Spitzer, Rorlck & Co., New Y o rk .--------------------------------- 100.240 4-7os
G eo. B. Gibbons & Co., Now York........................................ 100.03
4.75s
Farson, Son & Co., Now York................................................ 100.037 4.9os
First National Bank, Marathon........................ - ........... ........ ......... o.UOs
MARCUS Cherokeo C ounty, Iow a .— BONDS N O T Y E T S O L D .—
No sale has yet been mado of tho $5,000 (unsold portion of an Issue of $25.­
000) b A % water-works bonds offered without success on April 15.— V.
100, p. 1454.
.
MARICOPA HIGH SCHOOL D ISTR IC T, Kern C ounty Cal.—
BOND O FFER IN G . — Proposals will be received until Aug. 4 by I L. Miller,
Clerk Bd. of Co. Supers. (I*. O. Bakersfield), it is stated, for the $15,000 6 %
1-15-yr. (ser.) bldg, bonds voted Juno 21. V. 101, p. 151. Int. annual.
Cert, check for 10% required.
MARION, Marion County, O h io .— BOND S A L E .— 'Tho two issues o f
hm\(U affffPGiratintr $68,800 wore awarded to Seasongood & Mayer or
C l n e t t t i for '
3 0 ’ (101.061) and i n t .- V . 101, p. 151. Other
Davies-lfertram C o.. Cincinnati.................................S9 880 00 $59,545 00
Sidney Spitzer & C o., T o le d o - - - - - - ------------------------ n’« r - I ?
co ^ ro on
Tillotson & Wolcott C o„ Cleveland........................... 9.855 86
59,359 90
Hayden. Miller & C o.. Cleveland.................................9,8o2 00
•
‘>9-384 00
Stacy & Braun, Toledo----- — - ................... ..............cosj'no 2° 20
Wei!, Roth & C o., Cincinnati......... - - - - - - - - ...........
Provident Sav. Bank & Trust C o., Cincinnati...........
£9,192 16
Otis & C o., Cleveland-----------------------------------------69,14o 00

J uly 31 1915.]

THE CHRONICLE

MAUMEE, Lucas C ounty, O hio.— BOND O FFERIN G .— Bids will bo
*56 000 W 2n™Pn'rm ' A.Uf?' 25,by Thos- N.' DowlinS- Village Clerk! for
Denom ssl^on20' ^liato
^ Sept.
^ f rlW
i°or.kf ' coSs
-ructio,n
al}d equipment
bonds.
1 1914.
Prin.
and seml-ann.
lnt.—M . &
—
Bank- Toledo. Certified check on a Maumee
required*.0 Bids m u s l^ ^ u n S S t to n a l G°°- V ' Raab> VU,ag° Treasurer .

S.

N * j ^ M ^ P m v , r S P v , , B ISTRICT (P. O. M aywood), Bergen C ounty,
K Ronif
,n ? / /
According to reports, bids addressed to John
^ Ki T a2 "e'„P lst- CIe,;k - V'1,11 » » received until 2 p.m. Aug. 9, for *11,700
requim fear avcra" ° sctl° o1 bonds. Int. semi-ann. Cert, check for *750
W ?M o ^ U d ^ ? T b rVLE' Saratoga C ounty, N. Y .— BONDS PROPOSED.—
4% sewer
m arrin g O c ^ 1* 1915 . iSSU°d t0 rcfUDd an 1SSU° ° f $ 4 0 '000
SCHOOL D ISTR IC T (P. O. Melrose), Pauld2 i f niOU\iuF’ M *h \ ?\ T ^ NsP O FF E R IN G .— Proposals will bo received until
n - N; lr e ,ntIc°. Clerk Bd. of Ed., for *2.5,000 5% 11J4S'ato An^P
^ co“ sfcruction and equipment bonds. Denom. *1.250.
o fc fe r k o flld
1r ? n' o,nd semi-ann. int. (P. & A.) payablo at office
Purcliasor to^nav
Duo *1.250 yearly on Aug. 14from 1917 to 1936incl.
own exnonso paT
^,periled interest and furnish blank bonds and coupons at
inp-s o f 1?!, «s n
dfVP!1.1Is bo unconditional. A transcript o f the proceodfS S is L d s u c c ^ u l biddere. ° n r°,atiV° t0 th° iSSU° ° f said bonds wil1 bo
n“ f ” 30H,!S mTeC

' 7

^

Yil1 b° received

391

snnn ^ oa2i6n^Fslnn'/o!,^2813S/ J° ° , 1929 • 1930 and 1931; *700 1932 and 1933;
?•!
« J fi° ? ir 935' Total bonded debt, this issue, *10,000. Assess,
value 1912, *205.416; actual value (estimated), *600,000.
COUNTY (P.
Mt. Gilead), O h io .— BOND S A L E .— On
wol^'V,,,;leit^ 0*ssViCS ° I p % Benton road-impt. bonds, aggregating S26.355.
i^i7 ^ d C
i !t0* tho. M t-r Oiload Nat. Bank of M t. Gdead for $26,747
(101.107) and Interest.— V. 101, p. 152.

o.

nn/v/i
SCHOOL DISTRICT, Santa Clara County, Cal.—
v S i i n n d ^ m o 011 Jul-y J9 1,10 S10.000 6 % 5 H-year (average) coupon
f t W01.61andTnetre ‘ o t t e b k t o J° SC Saf° D °P° Sit Bank ° f SaP J° S6
B llu fw fe r
92
^ fCondhionaV ' ’ 8 Fr' ' 10'3611Flrst Nat. Bk.,Los Gatos. 10.027 92
th(^ I i i V3InnT ? R ^ ’ i H ardin C oun ty. Ohio — BOND S A L E .— On July 26

carriea, it is stated, at an election held July 21.— V. 100, p. 2186.
o f ^ , P A ^ ^ o p d C o - t y , W is .— BOND E L E C T IO N .— Tho question

reports
s c itl° ’at
2 ?an
?w r; i'VOr<to
k stboysiheld
c?1, bonds
submitted to a vote,
reports state,
an^election
to-day wiU
(Julyb0 31).
O Q ^ / S m % '™ IM h IP 0 R A IiY W A N .— On July 28 a loan o f $200,Goochvtn of N Y
iC is ^Ported, with Bond &
2‘6% int' This loan is issued to cover taxes for 1915.
t h f *60 WK)Df G R B ’ ? f Sto1 C ou n ty- Mass.— B O N D S A L E .— On July 26
fv a r d S ’ t o ° E t a b r ^ k ^ o aveproBe/ c” istercd highway-impt. bonds were
S . O ^ V . J o i , ^ . 3k12! Oiher b°ds0were: 00,31 and tat- a basis ° f about
R I " Dav°k nr,& n ° " Bos- - 100.291 Khirtis & Sanger, Boston
100.021
J ^ w « y*TT ™
OStOn- - - 100 039' Blod^et & C o.. Boston. 1111100 !oi 2
I o w f.— BOND S A L F °— T h ^ l n n (> ' ° ' Nawha11)- B enton C ounty,

thn ®rm°n °J a1.10 bolder. Certkied check for 1%1jf bonds’bid for,'payable to
V,lty of Memphis, required. Due *57,000 in even years and *58,000
years from Aug 1 1918 to Aug. i 1927 incl.
In the event that a
Amr 1 1 0 0 7
57£ ° 9 0, °J
bonds aro sold, the amount maturing
Al}*yl 1627 shall be diminished thoreliy. The bonds will be delivered and
paid for in Memphis, or at any bank in New York City, as the purchaser
Thom son6^ oio°r fgMlty A)f ,tbese bonds has been approved by Dillon,
^ B ^ V ^ ^
to tim successbU bidder?
& C° Py ° f whoso ° plnIon wil1 bo furnisbed ^ v t p ^ r f L ^ ^
MERIDIAN, Lauderdaie County, Mi3S.— BOND S A L E .— The 810 000 NO.ElW One
c ° u?tv(TN Wy L n m - n N- f,R,FE s °H O O L DISTRICT
X T ' and rlralnage 5% bonds authorized by
vote ot 321 to 210 and 342 to 165, respectively, have been disposed of.
MIAMISBURG, M ontgomery C ounty, O hio.— BOND O FFERIN G —
Proposals will be received until 12 m. Aug. 21 by Charles II. Pausing
Other bids were:
I f C^ 1 o 0nr *14,000 5% 8-year average water-works-extension bonds!
Auth. Sec. 3939, Gen. Code. Denom. *500. Date Aug. 2 1915. Prin
H?°AB
Kalde°A r o ° lo f
IA a P ' L^ h & C o.. N. Y ....1 0 2 .2 7 9
IbmS*TnnntUla Pfc' ~ F X& A \T?ayableat First Nat. Bank o f Miamisburg.
1
104.2751Citizens' Trust C o.. U tica.. 100.000
i i non ycarly on Aug. 2 from 1917 to 1928 inclusive, and *2,000 ..NNEW
E W HAVEN, Franklin County, Mo .— BOND SAT F — Tim ruiv
C'\,h.\r 1
Certified check for 5% ot' bonds bid for, payable to Village
' ,, °",ds to
delivered and paid for within ten days from
tinio ot award. Put chaser to pay accrued interest.

x.SSfSSSbS^SSS^S

C h S f W d 0 rRnL StvH ? 0 l eDISTEICT NO. 38 (P. O. M iddendorf),
issid?i <°S5 0(¥1
, Caro. BONDS V O T E D .— The question of
Jifly 20. ,00° coupon b,dS- bonds carried, it is stated, at an election held
„
TOWNSHIP (P. O. M ilan), Erie County, O h io.__ BOND
awarded t o 'o t is ^ C o ^ o r ^ o i’00?
° l ()7-yea r average road bonds were
4 ^ 7 % — V 9 J » * c I 7 ° f CJovo'and at 100.25 and int.— a basis o f about
m t i t v L' 101 ’ p ' 151, Tlloro were four other bidders.

- B o j r a Tf?fT O ffw n (p,'f O- U hrichsville), Tuscarawas County, Ohio.
O FFERIN G .— B ite will bo received until 12 m. Aug. 17 by

aay,na y S ' o r a a -

is s a s s

s s i f f u a s « y witl“ u

10

A U*e? ? eny 9 o u n ty, Pa .— PU R C H A SE R OF BO N D S —

S MILWAUKIE,
M S ? Clackamas County,

“ •0<l0Ore.—

BOND E L E C T IO N __The
election to vote on the question o f issuing not more than *25 000 waterworks-systom-completion bonds will bo held Aug. 21, reports state.
MINNEAPOLIS, M inn.— BOND O FFERIN G .— Proposals will be recoivecl until 2:45 p. m. Aug. 11 by the Committee on Ways and Means of
Council, at the offico o f Dan C. Brown, City Comptroller, for
*105,120 20 special street-impt. bonds at not exceeding 5% int. Dato
Aug. 2 191o. There are three separate issues o f these bonds, each issue to
b“ ° ™ I l f payabI° ™bstantially one-twentieth yearly on Aug. 1 from
1916 to 193,> incl. No bids will be entertained for these bonds for a sum
less than par value of samo and accrued Interest to date of delivery
Inter­
est annually or semi-annually. Certified check for 2 % o f bonds'bid for.
payablo to O. A. Bloomquist, City Treasurer, required.

O W W M ls w n iK
A ugCt18bv’ D hiV - o n 0 X D
Two. Clerk, for *5 000 5% 13-yr^! b o n d s . A u t h ! ^ ? 6W t o
C<Hte- Denom. *500. Date Aug. 18 1915. Int. F. & A
Due Auk 18
192S. Cert, check for S500, payable to above Clerk, required
" 18
NEWTON, Middlesex County, Mass.— BOND O F F F n r w r __i>
stated that bids will be received until 2:15 p. rmAug^ 2 for * 3 0 0 0 0 4 ^
sower bonds. Due *1.000 yrly. on Aug. 1 from 1916 to 1945 inch
%
T,iUrEo^ T P Nt c O.UNTY (P. O. K entland), I n d .— BOND S A L E .— On
^!dy 27 the two issues of 4 }4 % highway-impt. bonds aggregating S7 l ‘>o
werejwsirded to
. Wlid & Co. of Indianapolis for *7,423 (100.010) and
NEW WASHINGTON, Crawford C ounty, O hio.— BOND OFFERING
i7?ndnnW
« r^ Ci.Vcd
Unt11 12
m ' Au«
' 23 by O.(village's
C. Tobin.portion)
Vil. Clerk
for
*11,000 5^% b 6-year
average
coup,
street-impt.
bonds
Denom *500 Date Aug. 16 1915. Int. A & O . at office ^f Vil Treas'
Duo *500 each six months from Apr. 1 1916 to Oct. 1 I0‘>f> incl" Cert'
check for 2% o f bonds bid for, payable to Vil. Treas., required
Bonds to
pay accrued toterelt? f° r withln 19 days from tlmc of award. Purchaser to
c W
i W
J
i P - C - s t - Peter), M inn.— BOND S A L E .—
r n i m n n S H t o ut- 1
hayc beon awarded an issue of *50,000 6%

ffe

1 19M- suWoct ,o

„ N.IL ®S- Trum bull County, O hio.— BOND O FFE R IN G .— Bids will be
5% 5M-vear avernv'pAFg ' f23r.by,.H" tnor Thomas, City Auditor, for *12.000
3M9 Gen C ^ d f^ n e n *
improvement bonds. Auth. Sec.
t w L caa Loae.
Denom. $500. Date Am?. 10 1915. Int F & A
on
Aug
510
fromyi
920
Atog
to
^
f,;Onl
1916
t0
l 9l 9,>nclusive.
lr iy
mi i vug. w irom iy20 to 1925 inclusive. Certified
checkand
for *1
1 ^000
nf vhnndc
p i l d T f w f f i t o n d0a v i f ^ r?tSUrerr' ^ r e d ^ T o n d s t o be^elfvemlTnd8
vn » to r
«
*
° f award' Purchaser to pay accrued int.
b ur g * a n u i a i
C oun ty? ^HUo!— /iOArD^ AX/ZcT/O V ^ f n 1 Y V * '
schoo? bonds!Ug' 3 ’ reports state- to vote on the question of issuing *10,000

NORTH PLATTE, L incoln C ounty, Neb. — B O N D E L E C T I O N Re­
ports state that an election will be held Aug. 31 to vote on the nnestinns nf
issuing *16,000 paving, *12,000 park-sito-purchaso and street-lighting bonds
v o te of
SCHOOL DISTRICT, L 03 Angeles C ounty C a l__ BOND
69 to 14 the question of issuing *4,000 water-works-system-improvement o
bonds carried. It is stated, at an election held July 13.
P ovcment sto onEri7 w hS rState Board of Control purchased on Juno7 14 an issue o f
*2,900 6% 2-6-year (serial) school bonds dated Apr.l 3 1915.
MODALE SCHOOL DISTRICT (P. O. Module), Harrison C oun tv
OAKFIELD Genesee County, N. Y .— B O N D O FFERIN G .— Bids will
BOND S A L E . —-Wells <&Dickey Co. o f Minneapolis have purchase!
1 p ' m - Aug- 2 by S' A - ru^alsbe, Village Clerk, for The
the *25,000 building bonds voted March 29.— V. 100, p. 1112. P
°d *35,000 4 ViVn 17-year
average coupon or registered (option of purchaser)
T>,Mm NE OE TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Eaton)
bo/ids
votcd JuV 19.— V. 101 , p. 313. Auth Soc. l 29 of
Preble C ounty, O h io .— BOND O FFERING.— Bids will be recoivod until Village Law. Denom.
*1,400. Date Aug. 10 1915. Prin. and annual
1 p. m. Aug. 21 by Levi Shumaker, Clerk Bd. o f Ed., for *50,000 5 %
i f Batavia0 B n fr S ? n f Xill^ge(Troasurer- or at any bank or trust company
school bonds voted Julv 17. Denom. *500. Int. A. & 0 . Duo $1,000 !rMrh,5,n
A
? or R°chester. as purchaser may dosire. Due *1 400
^ h six months from April 1 1917 to Oct. 1 1941 incl. Cert, check for b k f navTmo^'n1v m °m m20 to 1944 Inc{usivo- Certified check for 2% of
S a ?ory u ^ n t?ivVdaagyes-\roeUcU
erer> r°qUtred- B° ndS tG b0 da»v e r e d ln d
OAK HILL, Jackson C ounty, O hio.— BO N D S A L E __On Tniv 17 tvw»
On“ ? S T2 0 ° h o ^ f f f l y P S L * - ° D ayt0n)' O h io .— BOND S A L E .—- 0 ^ ° Hi UUs l v m n 1 agg^ a t m g * 12,480 92. were awarded to the
There1werif n 'o t lie r 11!!Idders^ ° ak H?U at par and int' ~ V ' 191 • p ' 152.
Other bfdders were?9
t " a basls of about 4.68%.— V. 101. p. 231
Old Port), Sen.
Harris, Forbes & Co.,N .Y.*73,943 19
Spitzer & Co.,Tol.*73,490 50
Seasongood & Mayer, Cin. 73,877 00 Sidney
A. E. Aub & Co.. Cin----- 73,400 00 at»nu9vQ?5 and int.,
r
t
r
r
it
is
stated.
Denom.
*500.
Davies-Bcrtram Co.,C in. 73,856 00 Dayton Sav.&Tr.Co.,Day 73.337 40
Weil, Both & Co., Cin__ 73,814 00 Ohio
Nat. Bank, CoIuin__ 73,230 00 tnvr!?,^r^irCPdt C„°Vrl of Appeals on July 22 denied the application of certain
Parson, Son & Co., N . Y . 73,747 00 Spitzer,
R orick& C o.,T ol. 73,127 50 toXabovoS f° r an in^unct on to r, s(-ra*n tlio issuance of the bonds referred
Hayden,MiIler&Co.,Clov. 73,733 0 0 .
ONSLOW, Jones County, Iow a.— BOND S A L E . — Tho *8 000 .3-20BOND O F F E R IN G — Proposals will bo received until 1 a m Aue 90
O n d o w S w Tfank Wnrk1 bon^s °P£Fod f?r M ay havo becn awarded to the
to r1’s u t f f i d 5y% l-S ^ y e a ^ sfe i
B? ar,d o f County C o ^ f f i n e S
n-lteT
fn v i iDQikk ’ 9 If ,owi for 5Ms.— V 100, p. 1693. Denom. *500.
Certified 2hccl?foJ *2Fo requked.Chl'drCn 8 h° m° bonds' Int' semi-ann! Date May 1 1915. Interest annually in May.
.
UR/INHB’
Orange County, T e x .— BONDS V O T E D .— The election
MONTICELLO SCHOOL DISTRICT (P O Montirnllm
C ounty, M inn. —-BONDS VO TED .— At a^recent e?ootion th !s
?epor°tsttate.10 isHU!inC0 o f S25'000 hlgh-school-buildlng-addition bonds!
The official notice o f this bond offering will appear next week among the
advertisements elsewhere in this Department.
MINNEOTA, Lyon C ounty, M inn.— BONDS VO T E D .— Bv a

if

MORGAN TOWNSHIP SCHOOL DISTRICT (P O O k ^ r ,^
B utler County, O hio. — BOND SALE.— On July 21 the *10 000
5-year average improvement bonds were awarded to tlio First Na n i n t n !
Okeana at 100.443 and int.— a basis o f about 4.90% .— V 101 p 231
No
other bids wero received.
/0
AUi>p ' Z61MORLEY SCHOOL DISTRICT (P. O. Morlev) Scott C on otv
HONES OFFERED B Y B A N K E R S . - L i u " & I ^ y s Investment’ ^ T f
St. Louis is offering to Investors *10,000 5J3% building and eouiDniont
bonds. Denom. * 100 and *500. Dato July 11 Ofs Prin. and sembanmml
PayftLIo at tho Mississippi Vallov Trust Co St Louis* nun
*300 1916, 1917, 1918 and 1919; *400 yearly from 1920 to 1924 incl.; *500




832»3& r 3f

*»

-24%4^he vote was (whar?es) 249®

H „??in E m1
ErP/IT Y ,’ SioU3' County, Iow a .— B O N D S A L E .—On June 14
de?
water-w’orks-svstem-impt. bonds were awarded to A Van
Date Juiy
fulv 1
1 191o.
iqV/?,56T
0nVe\U
7 1'T*5,000
7 6 100’
p ' and
1529-*5.500
Denom.
Daxo
Int.
MTal^
. & N.00',5
Due
1920
1925.*500.

o.

—

URa NGE COUNTY (P.
Paoli), Ind .— BOND OFFERING
Re§?nnSifratJ? rbat proPnosals Wl11 be received until 10 a. m. Aug. 2 by O
bondsff° rd' County Treasurer, for an Issue of *2.320 4 H % highway-impt!
ORLEANS COUNTY (P. O. A lbion), N. Y .— BO N D S PR O PO SED __
bonds? forVliS
tsdshare

Mghw^TmpT0o0vnememsbet'Veen $70’° 00 and S75'6° °

392

THE CHRONICLE

[Vol. 101.

Board of County Supervisors (P. O. Bakersfield), it is stated, for $2 500 0%
(P. O. W aldw ick),
bonds. Int. annual. Certified check for 10% lequlred.
20 the $2,400 o,o <A~ buildin”ST CLAIR COUNTY SCHOOL DISTR IC T NO. 189, 111.— BOND
year average coupon school bonds were awarded to M^ s - Lucy Gertzen for OFFERING__Bids
received
until
p. m. .Aug.
2 by000
J o h5 n^ s.112 Kideoon,
$2,410 (100.410) and int.— a basis of about 4.92% .— V . 101, p. J U s f c y ™ d o f E d u c Iwill
u o nbo(P.
O East
St. 8Louis)
for $ 300
-^ a r
Silk City Safo Deposit & Trust Co. of 1 aterson bid par.
average building bonds. Auth. voto of 1,783 to 7b7 at an election neia
PACIFIC COUNTY SCHOOL DISTRICT NO. 37. W ash.— BOND
A
n
r
ifl7
I)ato
July
2
1915.
Interest
semi-annual,
payable
in
East
SALE.— On July 20 $5,000 bldg, bonds were awarded to tLo State of W ash­ StP T,ouis". Duo $75,000 on July 1 1920, 1925, 1930 and 1935. Certified
ington at par for 5 )4>s. Other bidders were: J. L . Price & Co. of Seattle check
for
$2
000
payablo
to
Board
of
Education,
required.
Bonds
to
to
and tho Southwest Washington Bank. Denoin. $500. Duo 10 yrs., sub­ defivered as follows: $150,000 on Oct. 1 1915 and $150,000 on M ay 1 1916.
j e c t to call at any interest-paying period.
Total bonded debt, $350,300. Assessed valuo 1914, equalized, $14,88o.263.
PALO ALTO, Santa Clara C ounty, Cal.— FOND SALE.— Oni June 10
totim T F VEE AND DRAINAGE DISTRICT (P. O . New M adrid),
$9,500 5% 1-40-year (serial) subway bonds, dated M ay 1 191o, were pui
chased by the State Board of Control.
man
i
3Sn?i?h
W m ^R .'C ™ n Co. a T R S t o
PARKE COUNTY (P. O. R ockville), I n d .— BOND OFFERING.—
7 II Rush. County Treasurer, will recoivo proposals until z p. m . A ug.^ U^nS'bonds°^ ^Denonn SEO O oTs^O ^^^IlO ^.^ ^D a^ J u i^ ^ ^ H 5 ? nSPi4n"
for $16 600 4 j/2 % 5 ^ -year average W. P. Harrison et al hhghway-impt. and semi ann. in? (J. % DA payable, at M eranttte T r ^ O o m ^ y o fS t.
bonds$830
in Adams
Donom.
Aug.
3 1 ?15i 5Vq25
Due
each sixTwp.
months
from M$830.
ay lo Dato
1916 to
N ov.
lJ2o mchJsive
inclusive. ' 1 020rS 1^DOO?1!92l"eS 1 G?500°, 1922;'S 17!500. 1923; SlsVsOO, 1924; $19’,500,
PAWTITOKST Providence C ounty, R. I. — BOND SALE. Reports 1925; $20,500, 1926; $22,000, 1927, $23,000, 1928, ■ *24,500, 19-9. $26,001.
state that tho Board of Aldermen passed ordinances on July 28 confirming
:
S380SioOOto*1thof°SinkinI Fum f Commission, composed of $ 20 0 ,0 00 school, m fixS W Pnlnm
C ounty, O hio. — BOND OFFERING.— Bids will
* ' ’ $150,000 bridge and highway, $5,000 fire-station and $25,000 bo received until 12biana
m. Aug. 24 by Geo. Holmes, City Aud., for tho followmotor-fire apparatus.
20 .0 0 0 bonds to tho cemetery sinking fund.
$ 12,000 00 '.5% 'cit y ^ p o r tio n b °nds. Denom . $1,000. Int. semi-ann.
1 0 .0 0 0 bonds to tho police pension fund.
„„„„ _ , r •
PE RR Y COUNTY (P. O. Now L exin gton ), O h io. — BOND SALE.—
8
622 68
s s ^ s m ^ Tboon
n duTs.^1,Denom.
, 9 yearly
for $850.
8,622
68 S
5)4yJ?% Tassessment
gg Mar> 11 for
m 7$972
and8§8850
on
a w a r d e d t f o t t e V c W c & i n S S l^ S S ‘.“eq u a fto '104.029. a basis
Mar.
1
from
1918
to
1926 Inch
a DtQ ft*; c i/ c/ q b o n d s
S 0 a , .) tor l()(). Int.
of about 4.625% , it is stated.— V . 101, p. 232.
4,058
9o 5 H % assess. p°™ s4-58^Denom.
£ ^ ar. 1x foi
19 1 7 and $400 yearly on M ar.l
PESHTIGO, M arinette C ounty, W is.— BONDS AUTH ORIZED.—
from 1918 to 1926 inch
X17r Int
An ordinance was passed by tho Common Council on July 6 providing for "
Hie
s e U o T V c o u p o n high-school-biulding bonds Denom
884 00 , M *
$100 Date Sept. 1 1915. Interest semi-annual. Due $1,200 Sept. 1
from’ 1916 to 1920 inclusive.
Dato Au?. 1 1915 noacopI thoVlrst e ?u0' ' c i ' I ) 1t Vk .s ’’ ' rloulrod'
PI KE SCHOOL TOWNSHIP (P. O. W est Lebanon) , W arren County,
Tn f! — BOND OFFERING.— Bids will bo received until 9 a. m . Aug. 20
:
(date
changed
from
Aug.
11)
by
Geo.
L.
p
®
rnc?A,T
''np
\II,
’
qUst0I?’
14.575
4 1 4 % 15-year coup, school-bldg. bonds—V. 101, p. 313. Denom. $575. therefore separate bids must be made for eacli issue.
D ate “day of sale. Int. J. & J. Due $575 each six months from July 15
1916 to Jan. 15 1930 inci. and $1,150 July 15 1930. Successful bidder shall
furnish printed bonds free of charge.
PIKETON SCHOOL D ISTRICT (P. O. P iketon), Pike C ounty, O.
__BOND SALE.— On July 24 an issue of $2,000 6 % o-yr. average schoolbldg -impt bonds was awarded to tho Piketon N at. Bank of 1 iketon at
Sanilac C ou n t?. M ich.—
102.75— a basis of about 4.37% . Other bids w e :
CoSANDUSKY,
of Detroit wore
awarded at par about M ay 1, VheS'tJiO ^. /oY 7-'ia‘;o'
M ‘i
M ayer & Co.. C incinnati- ..- * $ 2 ,070jseem .
electric-light bonds voted April 5.— V. 100, p. 1378. Denom. $ouu. xm .
♦ This bid was defective. Denom. $500 and S750. Dato July 24 1915.
I SANDUSKY COUNTY (P. O. Frem ont), O h io.— BOND OFFERING.
Int. M . & S. Due on Sept. 1 1919. 1920 and 1921.
PINE BLUFF, Jefferson C ounty, Ark.— BOND SALES.— On July 20 — Bids will bo received until 12 m. Aug. 14 by I . J. Hasselbach, Co. A .
tho following 5% road-impt. bonds:
„
corm n „ „ S500
S10.000 6 % 20-year Paving D ist. N o. 34 bonds wero awarded, it is stated, for
$6 000 H. J. Kaeniming et al. road bonds. Denom. $250. Duo $ ouj
' each
six C.lasser
months etfrom
Mar.
15 1916 Denom.
to Sept.$250. D ue
each
t 0 AnnisCsu ?o f ^$ 35 900^Paving D ist. N o. 35 bonds was awarded on July 21 3,000
Minnie
al.
road
bonds.
$-o0
to' James Gould for $ 3 5 ,9 5 0 -e q u a l to 100.139.
six
months
from
Mar.
15
1916
to
Sopt.
15
l.)21
inch
PITTSFIELD, Berkshire County, Mass.— BOND OFFERING. Ro- II 000 D E Miller et al road bonds. Denom. $500. Guo $500 eacn six
poris state that bids w ill bo received until 11 a. m . Aug. 3 by the City 1 icas’ months from Mar. 15 1916 to Sept. 15 1920 inci. and $o00 on M a i. 1
liror for th e following 4 % bonds, dated Aug. 1 191;>:
,
$100,000 sewer bonds "Due $4,000 yearly on Aug 1 from 1916 to 1940 inci.
D
ateaAu-Sef4t 'l9115 21'lnt. M . & S. Bonds to bo delivered and paid for
17 000 playground bonds. Due from .iiig. 1 1916 to 193- inci.
within 10 days after notice of award. Purchaser to pay accrued interest.
PLATTSBURG SCHOOL DISTRICT (P. O. P lattsburg), C linton
3A TIC O Y SCHOOL DISTR IC T, Ventura C ounty, Cal.— BOND
C ounty, Mo.— BONDS NOT YET I S S U E D .-The $30,000li.gh-sclioolo i t v __o n July 20 the Bankers Bond & M tge. Co. of Los Angeles was
bldg. bonds voted April 6 have not yet been issued.— V. 100, p. 1378.
awarded $18,000
school bonds for S18.401 (102.227) and int. Other
POLK COUNTY SCHOOL D ISTRIC T NO 44 (P. O. F ertile), bids wore:
. , ................. - .................................... *$18
M inn.—BOND OFFERING.— This district is offering for sale $22,000 Wm. R. Staats C o., _Los Angelos
*18 518
480 00
00
building bonds. J. A. Gregerson is Secretary Board of Education.
Blyth, AVitter & C o., San Francisco........................................................ {g ’ooV nq
POMEROY SCHOOL D ISTRICT (P. O. Pom eroy), G arfield County, Perrin, Drake & Itiloy, Los A ngeles.----------------------------------------- 18*225 00
Marshaii & C o., Los Angeles------------------------------------- 18*203 40
W ash. - BONDS DEFEATED.—Tho question of issuing bonds to build Torrance,
N . AV. Halsey & C o., Los A n g eles........................................................ 10*142 m
a hi"h-sehool failed to carry, reports state, at an election held July 13.
PORTLAND, M aine .— TEM PORARY LOAN .— It is stated that a loan E . H . Rollins & Sons, San Francisco..........................- ......................... 10,1
of $100,000 was recently negotiated with Goldman, Sachs & Co. ot N . 1 ■
A l? w K ^ v i d e d for payment of accrued int
at 2.375% discount.
„„
POWELL, Park C ounty, W yo .— BOND SALE. The $61,500 6 % 1917 m\d1 S2°600Iyo?HyVu?y 31 from 1918'to 1925 ' ^ d u s ^ e . These bonds
1 ^ in voir lout I couDon water-works-system bonds offered on April o were Sported sold on M ay 12 to N . AV. Halsey & Co - V . 00 p. 1856.
w e S d e T t o J a m T N . W right & Co. of Denver on July 5 at p a r .SCARSDALS, W estsho3ter County, N. Y .— FO N D S A L L . On July
28 the following registered sower bonds, aggregating $16,o00, were award 1
V PUTNAM COUNTY (P. O. Brewster), N. Y .— BOND SALE.— On
Tnfv 96 the $20 000 454% 5}4-year average highway-improvement bonds r i o V o b ™ rat&lG00:43 g r ^ D u e $500 yearly on July 1 from 1910
were aw ardedto th eN a u o n a l ta n k of Cold Spring-on-Uudson at 102.15
6,500 bonchs atni00.58 for 4)4s. Duo $500 yearly on July 1 from 1916
W C lC .
and int.— V. 101, p. 153. Other bidsSGeo.B.O
were:
ibbons& Co.,N.Y.$20,18200
Cross & AVittmeyer. - . — $20,427 00 Harris, Forbes&Co.,N.Y_
20,164 20
Denom°
0 D ate July 1 1915. Int. J. & J ’h f Wds w T e ^ fo h L w
Howe S. Bk., White Pi’s
20,410 00
Plains$ 5or0 upon
demand in N . Y . exchange^
g 10 000 Int
J. Hart, Albany____ 20,153 00 White
II. A. Kahler & C o., N .Y . 20,3<4 00 John
Int.
A. B. Leach & C o., N. Y . 20,315 80 Farson, Son & Co., N . Y . 20,144 60
Spitzer,
Rorick&
Co.,N.Y.
20,115
00
Douglas Fenwick & C o., N ew Y ork-------------in n ’n?^ 4 65s 1003)7 4.60s
I .W.ShorriilCo. .Pough- - - 20,242 00
4.65s
AV. 11. Cook, New Y ork ..
--------------------- nlo 4 7 0 s 100.78 4.70s
J. S. Bache & Co., N. Y
20,23:> 90
Doug. Fenwick&Co.,N .Y . 20,219
00 \
Harris, Forbes
C o.,New
NowYork
York---------------inn’rig 4.60s
4 60s 100.218
Son & C&o.,
.
100.138
4 io 4.60s
OUINCY, N orfolk C ounty, Mas3.— T E M P O R A R Y L O A N — On July Farson.
4.05s HJU.ii 4.00 s
28 a loan of $50,000, maturing April 20 1916, was awarded to tho First Goo. B. Gibbons & C o.. New York-----------100.07
SEATTLE, W ash.— BOND SALE .— Timing tho month of Juno t ns
Nat. Bank o f Boston at 3.39% discount, it is stated.
RANDOLPH SCHOOL DISTR IC T (P. O. R an dolph), Frem ont city sold tho following 6% special Improvement bonds, a„gie0atm.,
C oun tv Iowa — BONDS D E F E A T E D .— The question o f issuing the $185,369 99, at par:
Due.
Date.
Amount. Im p.D ist. Purpose.
§25,000 building bonds failed to carry at tho election held July 24, accord1 1925
Juno 1 1915 Juno
85,502 50 N o. 2761 Sanitary fill
Juno
1 1925
Juno
1
1915
hg to reports.
213 50 N o. 2828 Paving
1 1920
June 1 1915 Juno
RENSSELAER COUNTY (P. O. Troy), N. Y .— BOND S A L E . On
1,377
15
N
o.
2829
Planking
4 1925
June 4 1915 Juno
Tniv 96 tho $58 000 4 K>% 15-yoar average registered toll-bridgo bonds wore
6,032 74 N o. 2810 AVater mains
12 1925
Juno 12 1915 Juno
awarded to Robinsonl e i of N. Y . for $59,206 99, equal to 1 0 2 .0 8 1 -a
8,131 03 N o. 2792 Paving
12 1925
June 12 1915 Juno
rvf about 4 31% — V. 101, p. 232. Other bidders were1,886
19
N
o.
2826
do
14 1925
Juno 14 1915 Juno
Ti a Kahler & Co N Y $59,100 00 Harris, Forbes&Co., N. Y.S58,777 <8 101,066 81 N o. 2780
do
14 1925
Juno 14 1915 Juno
M-rnuf Nat Bank Troy 58 974 00 Farson, Son & C o., N. Y . 58,671 00
26,451 75 N o. 2750 Grade
15 1925
Juno 15 1915 Juno
Domr Femwi'ck&Co N .Y . 58 033 80 G.B.Gibbons & C o.,N .Y - 58,620 60
22,827
54
N
o.
2800
Bulkhead
15 1925
Juno 15 1015 Juno
F S llache & C o.. N . Y - 58.879 00 Remlck,Hodges&Co.,N.Y. 58.332 34
6,563 29 N o. 2801 Paving
Juno
15 1925
June
15
1915
RTCIILAND SCHOOL DISTR IC T (P. O. W heeling), Ohio County,
AHVhe^above.bonds S u b j e c t to call at^ n y
W. V a .— BOND E L E C T IO N PROPOSED.— Reports state that an election
will probably be called to voto on the question of issuing $50,000 building
SERGEANT BLUFF
BO N D ^SA W .
bonds. These bonds will take tho place of the $50,000 issue awarded on
March 9 to Farson, Son & Co. of New York, but subsequently refused ?c°-d )1,; nnnds fhstCm)orteci) 5 ^ tax-free electric-light-plant bonds offered
tocall
after
July 1 1920.
by them on account of some technicalities found in tho election proceed­
ings.— V. 100, p. 923.
SOUTH CHARLESTOWN, Clark C ounty, Ohio — BOND OFFERING.
RICHMOND, W ayne C ounty, In d .— FO N D O FFERIN G .— It is stated __\ddltlonal Information is at hand relative to the offering on Allg. 17
that bids will bo received until 2 p. m. Aug. 9 by Ed. J. McMahan City rvf
non
ltHt-voju’ averago coup. wat?r-works bonds. V . 101*
Controller, for $60,000 4% 4 H-yr. average fire, school and street bonds
‘u
idS (sealed or verbal) for these bonds will bo received until 8 p. m.
Int. semi-ann. Cert, check for 2)4% required.
on that day b y T h AVentz Vlh Cleric. Denom. $500. D ate Ju y l
Prin. and semi-ann. int. (M . & S.) payablo at office of V il. Treas.
RICHMOND SCHOOL DISTRICT (P. O. R ichm ond), Ray County, 1915
M ^ -B O N D S A L E ^ W e are advised that the $70,000 high-school-bldg. Due $500 each six months from M ar. 1 1017 to Sopt. .1 1lS 46 1ncl. Gore
bonds voted April 6 wero disposed of during that month. V. 100, p. 1378. check for at least 5% of bonds bid for, required. Bonds to be denv cri u ana
RICHMOND TOWNSHIP, H uron C ounty, O hio.—-BOND OFFER­ paid for within 10 days from date of sale. Bonded debt, $7,200, no float­
„
IN G . — Bids will bo received until 12 m. Aug. 2 by ' AV. N. ICoesy, Twp. ing debt. Assessed val. 1914, $1,635,030.
SHARPS BURG SCHOOL DISTRICT (P. O. Sharpnburg, Taylor
Clerk. (P. O. Attica, R. D. No. 2), for S5.000 6% 5 ^ -year average coupon
taxable road-impt. bonds. Auth. Secs. 3295. 3939 and 3940.^ e n . Code. County, Iow a.— BOND ELECTION.— An election will be held Au0 . 7
to voto on the question of Issuing $10,000 5% bldg, bonds.
Donom. S500. Dato July 1 1915. Prin. and semi-annual int. A . & O .
payable at Home Sav. & Banking C o ., Chicago Junction. Duo $500 yearly
SHEBOYGAN, Sheboygan C ounty,
iv M- ^ h a t n o°
oil Oct. 1 from 1916 to 1925 inclusive. Certified check on a bank other ISSUED
— Tho City Treasurer advises us under date ^otj uJuly
than the one making the bid for 5% of bonds bid for. Payable to Township action Has yet been taken towards tlio offering of the f01(),0; ) )7 5 j/ -: %
Clerk required. Purchaser to pay accrued Intel est. Bondod debt, not purchase and building bonds authorized in I-oo.— \ • 100, V- 7&b
including this issuo, $40,000; no floating debt. Assessed value 1914,
SHELBY COUNTY (P.
bom b were
S2RIVERSIDE SCHOOL DISTRICT, Cal.— BOND S A L E .— On June 25 awarded to'Breed, Elliott %; Harrison of Indianapolis for 87,650 (100.130)
an issue of $2,000 6% 2-9-year (serial) school bonds were purchased by tho

ORVIT. TOW NSHIP SCHOOL DISTRICT
Bergen C ounty, N. J .—BOND SALE.— On July

aariaaf

Stato
(V u U UBoard
U c I l U Dof
l vControl.
/u u i/iw ii
R O C K Y RIVER DRAINAGE DISTRICT (P. O. A ndorson), A nder­
son C o u n tv , So. Caro.— BOND OFFERTNG.— Proposals will he received

SILVER LAKE SCHOOL D ISTRICT (P. O. Sliver Lake), Cowlitz
until 10 a. m. Aug. 21 bv C. C. Ballentine. Pres, of Board oi Drainage C ounty
W ash.— BONDS VOTED.— ‘T ho question of Issuing $7,000 bldg,
Commissioners, it is stated, for $19,500 6% 5-year drainage-system bonds. bonds carried
at a recent election, reports stato.
Interest semi-annual. Certified check for 5% required.
^TT
VFRTON
H am ilton C ounty, O hio. — BOND S A L E . On July 23
ROSAM OND SCHOOL DISTRICT, K ern C o u n ty , Cal.— BOYD
OFFERIN G . — Bids will bo received until Aug. 4 by I. L. Miller, Clerk or the three issues of 5% 25-yr. impt. bonds aggregating $12,500 were awarded




eac l

J uly 31 1915.]

THE CHRONICLE

toSeasongood & Mayer o f Cincin. at 103.80 and int.— a basis of about
4.72% .— V. 100, p. 2187. Other bids wore:
Hrighton Gor. 13k. Co., CIn.812,7401Tillotson&WolcottCo.. Clev.$12,556
Atlas National Bank............. 12,730 |A. E. Aub & C o.. Cincinnati 12,525

land fort?211,750 (100.833) accrued int. and expenses
„ SOUTH CONNELLSVILLE, Fayette C ounty, Pa.— BONDS

DE-

‘1 H A T E D .— At the election held July It, the proposition to issue the

S30.000 sewer bonds was defeated, it is reported.— V. 100, p. 2187.
SPILLVILLE, W inne3hoik C ounty, Iow a.— BOND SALE. — Tbo $6 .­
000 5% coupon taxable water-works bonds offered on May 15 were awarded
to local parties on May 21 at par.— V. 100, p. 1529.
SPRINGFIELD, Greene C ounty, M o .— DESCRIPTION OF NOTES.—
£he $85,000 current-revenuo notes awarded on July 12 to tho Commerce
l’ r. Co. of Kansas City at 3% int., are in tho denom. of SI,000 and dated
July 12 1915— V. 101, p. 314. Int. and prlu. payable Fob. 1 1916.
SPRINGFIELD, Clark C ounty, O hio.— BOND SALE. — On July 26
tho $31,168 5% 3-yr. average coup. Walter St. sewor-system-ext. (assess.)
bonds wqro awarded to tho Brighton Gorman Bank Co. of Cincinn. for
$31,345 (100.567) and int.— a basis o f about 4.80% .— V. 101, p. 154
Other bids were:
Spitzcr, Rorick & Co., T ol_.$31,328 Fifth-Third Nat. Bk., Cin._$31,268
Tillotson&WoIcottCo., Clov_ 31,285 Seasongood & Mayer, Cin__ 31,261
Brov. S. 13. & Tr. Co., Cin_. 31,283 A. E. Aub & Co., Cin______31,250
Geo. 13. Gibbons & Co., N. Y. 31,273 Ohio Nat. Bank, Columbus. 31,193
J. C. Mayer & Co., Cin_____31,270 Otis & Co., Cleveland______31,189
SPRINGFIELD SCHOOL DISTRICT (P. O. Springfield), Sangam on C ounty, Ills.— BOND OFFERING
_„
_ .— According to reports bids will
be opened on Aug. 3 for tho $400,000 school bonds'votod June Y V . 100
p. 2104.

dianapolis at 103.58 and int. -a basis of about 4.36% .— V. 10l', p. 154.
Other bids were:

L'ownship
STOCKTON, San Joaquin C ounty, Cal.— BOND OFFERING.— P ro'
posals will be received until 10 a .m . Aug. 10 by Geo. W. Pulich, City Clerkit is stated, for $230,000 5% 1-40-year (ser.) sanitary and storm-watersewer-system bonds. Denom. (40) $750, (200) 81,000. Int. somi-annCertified check for 2% required. Theso bonds are part of tho $350,000
sanitary-sewer and 8200,000 storm-water-sower-system bonds voted
June 15.— V. 100, p. 2187.
SULIAVAN COUNTY (P. O. Sullivan), I n d .— BOND OFFERING.—
W i ho considered until 12 m. Aug. 7 (and from day to day thereafter
unlil solcl) by Robert Gambill, County Treas., for the following 4_HI%
hlghway-impt. bonds:
/0
S l l -045 00 Jasper D. Prico road bonds in Curry Twp. Denom. $582 25.
2,188 40 Geo. Raley et al. road bonds in Gill Twp. Denom. $109 42
Date July In 1915. Int. M . & N . Due one bond of each issue each six
months from May 15 1916 to Nov. 15 1925 incl.
SUMNER SCHOOL D ISTRICT (P. O: Sumner), Bremer C ounty,
1° wa. -BOADS NOT YET ISSU E D . — The $10,000 building bonds voted
during May have not yet been issuod.— V. 100, p. 1286.
TABOR SCHOOL DISTRICT NO. CO (P. O. Tabor), Bonhomm e
C ounty, So. Dak.— BOND OFFERING.— Bids will bo received until 12 m.
Aug. 3 by J. A. Wagner, Dist. Treas., for $12,000 bldg, bonds authorized
by vote of 124 to 60 at an election held M ay 3. Donom. $200. Dato
'when issued.” Int. semi-annually at tho Treas. office, or as may be ar­
ranged with purchaser. Bids are requested at 5, 5 'A and 6 % interest.
Duo $1,000 yearly, beginning 3 years from dato o f issue. Cert, check for
$200, payable to tho Treas., required. Bidders may qualify bids, "subject
to legality o f bonds,” and will also stato whether they will' furnish bonds
The district has no indebtedness. Assess, val. 1914, $66S,235.
’
TAFT SCHOOL DISTRICT, Kern C ounty, Cal.— BOND OFFERING
— Bids will bo received until Aug. 4 by I. i,. Miller, Clerk Bd. of Co. Supers.
(P. O. Bakersfield), it is reporter 1, for the 360,000 6 % iO-14-yr. (ser.)
site-purchase, building and equipment bonds voted June 10.—-V. 100 n
2188. Int. annual. Cert, check for 10% required.

393

TUSCARAW AS COUNTY (P. O. New Philadelphia), O hio.— BO Y D
S A L E . — On July 28 tho $8,800 5% 4 1-6-year average joint county-ditch
bonds wero awarded to tho Citizens Bank of Strasburg for SS,815 55, equal
to 100.176, a basis of about 4.95% .— V. 101, p. 233.
UTICA, Oneida C ounty, N. Y .— BOND OFFERIN G .— Bids will be
received until 12 m. Aug. 4 by A. M . Burke, City Compt., for the following
4 Y i% reg. tax-free public impt. bonds:
S1A.000 school bonds. Duo $1,500 yrly. on July 1 from 1916 to 1925, incl.
12,000 street impt. bonds. Due S I,000 yrly. on July 1 from 1916 to 1927,
Incl. ^
Denom. to suit purchaser. Dato July 1 1915. Prin. and seml-ann. int.
payable at office of City Treas., or, at request of registered holder, will be
remitted in N. Y . exchange. Cert, check for 1% of bonds bid for, payable
to City lreas., required. Bids must bo unconditional and upon forms
furnished by said City Compt. Bids to made upon forms furnished by the
city.
BOND S A L E . — On July 28 the four issues of 4 1 4 % reg. public-impt.
bonds aggregating $193,000, were awarded to the Equitable Trust Co. of
New York— Y. 101, p. 311. Tho following wero tho bids:
$85,000
$53,000
$37,000
S18.000
Utica Trl0& n lSt C- ? n ...........^ ’n t f 00 $53,864*00 S3L603 00 S185293 00
A ^ W h & ^ o ! ^ 0 .........§3-853 30 37,595 70 18.266 40
53,677 00 37,473 00 18,212 00
H . A K a h i e r & C o ........I I I ! 86;079 50
53,673 10 37,469 90
60
J. S. Bacho & C o__________ 85,759 00 53,457 00 37,307 00 18,228
18,139 00
Farson, Son & C o __________ 85,750 00 53,452 00 37,300 00 18,132
Harris, Forbes & C o ________ 85,587 35 53,366 23 37,255 67 18,108 00
18
Geo. B. Gibbons & C o______ 85,375 00 53,234 00 37,163 00 18,070 00
Sidney Spitzer& C o________ 85,239 00 53.145 00 37,101 00 18,051 00
rob f n * ® & c ^ :: : : : : : : : : . _
s : °oo^aif or — 0-3193,311oo
Utica Mut. Comp. Ins. C o .. ________
______
i s ’255 60
Mary A. Nolan-------------------For $2,000 of any issuo maturing~1920, $2,001.
VENTURA COUNTY, (P. O. V entura), Calif.— BOND E L E C T IO N .—
An election will be hold Aug. 24, it is stated, to determine whothcr or not
this county shall issues $1,000,000 road bonds.
VERMILION COUNTY (P. O. Danville), 111.— B ID S REJEI T E D ___
The following bids received for the $1,500,000 4% road and bridge bonds
offered on July 28 were rejected— V. 101, p. 233:
Harris Trust & Savings Bank, Chicago— $479,056 and int. for $500,000.
A. B. Leach & Co. et al., Chicago, $477,780 and int. for $500,000.
VERNON UNION FREE SCHOOL DISTR IC T NO. 7 (P. O. V ernon),
Oneida C ounty, N. Y.-—D E SC R IP T IO N OF BO N D S.— W e are advisee!
that tho $30,000 5% school bonds awarded to Geo. B. Gibbons & Co. of
N. Y . at 101.16 on July 8 are in tho denom. of $100 and $500 and hear
date o f July 1 1915— V. 101, p. 314. Int. payable ann. on Nov. 1. Due
$1,500 yearly from 1916 to 1935 Incl.
WARREN, W orcester C ounty, Mass.— BOND ELECTION. — It is
stated that an election will bo held Aug. 4 to deeido whether or not this
town shall issuo water system constr. bonds at not exceeding $100,000.
WARREN, Marshall County, M inn.— BOND OFFERING.— Proposals
will ho received until 8 p. m. Aug. 9 by G. O. Cross, City Recorder, for
$10,000 10-ycar electric-light and water bonds to be dated Aug. 1 1915.
Int. rate to bo named in bid. Cert, check on a Minnesota State or national
bank for $200 required.
W ARRENTON, W arren C ounty, No. C aro.— BONDS NOT SOLD —
No satisfactory bids were received for tho $50,000 5% water and sewerage
bonds offered on July 27— V. 101, p. 155.
COUNTY (P. O. A bin gton), Va.— BONDS PRO­
P ' „ ~ ReI>0 rts stat0 that this county Is contemplating the issuance of
$100,000 road and bridge building bonds.
WASHINGTON SCHOOL TOWNSHIP (P. O. Ober), Starke County,
ln d .— BOND SALK. — On July 20 tho 87,500 5% 4^ -y ca r average bldg,
bonds were awarded to Breed. Elliott & Harrison of Indianapolis for $7 681
(102.413) and int.— a basis of about 4.40%— V. 101, p. 2188. Other bids
were:
_
gr eon
Miller & Co., Indianapolis_______________________
E. M . Campbell Sons & Co., Indianapolis__________
_____V7 678
Fletcher-/Vmerican National Bank, Indianapolis __
7 ’676
J. F. Wild & Co., Indianapolis...................... ......... ......... IIZIZIZIII 71657
WATERLOO, Blackhawk C ounty, Iow a.— BONDS PROPOSED.—
This city is contemplating tho issuance of $50,000 refunding bonds.

193 00

payable M . & N . Due $2:750 yrly. on M ay 1 from 1916 to 1935, incl.
Total bonded
debt$5,721,372.
$389,346. Assess, val., real estate, franchises and
personal
property,
W AYCROSS, Ware C ounty, Ga.— BOND ELECTION PROPOSED__
An election will probably be held, it is stated, to voto on tho question of
issuing about $35,000 school bonds.
WEBB CITY, Jasper County, Mo.— BOND OFFERING.— Proposals
will be received until Aug. 2 by L. O. Walker, Citv Clerk, for S i,000 5%
5-year sewer bonds. Denom. $500. Date Aug. 1 1915. Int. Feb. & Aug.
WEBB CITY SCHOOL DISTRICT (P. O. V/ebb City), Jasper
oun ty, Mo.— BOND SALE.— The National Bank of Webb City was
awarded on Juno 11 tho $10,000 4% 5-20-year (opt.) building bonds at
par. V. 100, p. 1619. Denom. $1,000. Date Aug. 1 1915- Int.sem i-an.
WEBSTER COUNTY (P. O. M arshfield), M o.—BONDS PROPOSED.
It is stated that tho Seymour Special Road District is contemplating
the issuance of bonds for highway improvements.
WEBSTER INDEPENDENT SCHOOL DISTRICT (P. O. W ebster),
Keoku-c C ounty, Iow a.— BOND SALE.— On Julv 28 tho 825,000 5%
reg. tax-free school-house bonds were awarded to Geo. M. Bechtel & f o. of
yrly. as follows: $ 1 ,0 0 0 , 1921-to 1925 incl.; $2,000, 1926 to 1935 incl.- Davenport at 100.02, int. and lithographing bonds— V. 101, p. 234. Other
$3,000, 1936 to 1940 incl., and 84,000 from 1941 to 1945 incl. Cert, check bids wore:
Harris Trust & Savings Bank of Chicago— $25,003 and printing bonds.
on an incorporated bank or trust company for 2 % of bonds bid for, payable
John M . Ely bid par less $115 for printing bonds.
to J. W. Sutton, Boro. Collector, required. Purchaser to pay accrued int.
John Nuveen & Co. of Chicago also submitted a bid.
Bids must bo made on forms furnished by tho Borough. Tho U. S. Mtgo.
W ESTFIELD, H am pden C ounty, Mass .— BONDS VOTED.— Reports
a t, a, special town-meeting held
Julycarried.
27 the question of issuing
$25,000
munieipal-lighting-plant-impt.
bonds
thereof will bo delivered to tho purchaser, No bonded debt. Assess.
WEST
JEFFER3QN,
Madison
C
ounty,
O
hio. — BOND SALE.— On
val. 1914, $1,756,174.
July 19 an issue of $42,000 5% paving bonds was awarded, reports state,
TRELIPE
IELIPE (P. O. Snow Ball), Cass C ounty, M inn.— BONDS NOT to Sidney Spitzer & Co. of Toledo for $42,092 50— equal to 100.220.
Tho Town
that no salo lias
has yet boon made of
YET SOLD.—
S O ^ .— The
iowii Treas.
1 Teas, advises tnat
V7EST PARK SCHOOL DISTRICT, Fresno County, C alif.—BOND
the $15,000 6 % 15-year road bonds offered without success on Aug. 18 1914 SALE.— An issue of $12,000 6% school-bldg, bonds has been purchased by
— V. 100, p. 72. IIo further states that tho bonds will probably not be is­ Biyth. Witter & Co. of San Francisco l'or $12,568 (104.733) and int. D e­
sued as there is some opposition to bonding the town.
nom. $1,000. Dato July 6 1915. Prin. and annual int. (Julv 6) payable
at the County Treas. office. Due $1,000 yearly Julv 6 from 1917 to‘l9 ,;>0
TRYON GRADED SCHOOL DISTRICT (P. O. T ryon), Polk C ounty
and $2,000 July 6 1923, 1924 and 1925. Total bonded debt (this issue)
No. Ca.ro.—BOND OFFERING.— Further details are at hand relative to tho incl.
Assessed val. 1914, S443.570. Legality of issue to be approved
offering on Aug. 10 of tho $3,000 6 % 20-yoar coupon refunding and school­ -312.000.
budding-nipt. bonds— V . 101, p . 314. Proposals for theso bonds will bo by Goodfellow. Eells. Moore & Orrick, San Francisco.
received by Geo. A. Gash, Chairman o f Board of School Trustees. Auth
WIBAUX, W ibaux C ountv, M ont.— BOND SALE.— The S27.000 6%
Act of No. Caro. Legislature. 1915: also election held Mav 4. Denom. to 20-year water-system-installation bonds offered on Julv 10 we-o awarded,
purchaser. Date July 1 1915. Int. annual. Certified check for it is stated, to C. O. Kalman & Co. of St. Paul on July 16 for $27,751.
10% of Issue, payable to James Jackson, Treasurer o f Board of Trustees
equal to 103.151.—V. 101, p. 67.
’
required. Bonded debt, exclusive of this issue, $7,000. Assessed valua­
WILKESVILLE TOWNSHIP SCHOOL DISTRICT (T>. o . Wilkestion 1914, $650,557. Stato and county tax (per $1,000), $13 6 6 - school ville),
V in ton County, O hio.— BONDS VOTED.— According to reports
tax rato, $3 33.
tho question of issuing bldg.-completion bonds carried at the election held
TUCSON, Pima Count7, Ariz.— BOND SALE. — On July 19 tho six July 17.
issues of 5% 30-yr. coupon bonds, aggregating $225,000, wore awarded to
WILMINGTON, New Castle County, Del.— BOND OFFERING.__
\ - If- Rollins & Sons of Denver for $225,673 (100.299) and int., a basis of
Proposals will be roceived until 12 m. Aug. 12 by W . J. Ilighfield, City
about 4.981%.— V. 101 , p. 233. Other bids were:
Continental & Commercial Trust & Sav. Bank, Chicago, bid par loss Treasurer, for $50,000 4H% coupon (with priv. of reg.) sower bonds.
$2,200 for expensos.
Denom. $50 or multiples thereof. Dato Aug. 1 1915. Int. A . & O. Duo
Sweet, Causey, Foster & Co., Denver, bid par loss $3,075 for oxponses
Harris Trust & Sav. Bank of Chicago bid par less $3,879 for atty’s foes’ etc. $32,500 April 1 1939 and $17,450 Oct. 1 1939. Cert, check for 2% of bonds
bid
for, payablo to “Mayor and Council,” required. Bonds to be delivered
TULARE SCHOOL DISTRICT, San Joaquin County, C a lif_ and paid for on or before 12 in. Sept. 1 at tho City Treasurer’s [office. with
BOND OFFERING.— Bids will bo rocolvod until 10 a. m. Aug 3 by U D accrued
interest from date of bonds.
__ Supers.
Graham, Clerk,. Bd. o f Co.
Supers.(P(P. O. Stockton), it is stated.'
staled, for
$12,500 6 % 14-yr. (aver.) building bonds, Int. semi-annual. Cert, chock
The official nolice of this bond offering will be found among the advertise­
for 10 % required.
TAYLOR, W illiam son C ounty, Texas.— BOND SALE. — Tho $100 000
o% 40-ycar street-paving bonds offered on May 10 have been awarded to
A. E. Pocbelman of Galveston at par.— V. 100, p. 1619.
TAYLOR COUNTY (P. O. Abilono), Toxa 3 .— BONDS D E F E A T E D __
Thocloction held July 24 resulted in tho defeat of tho propositions to issue
trio 3150,000 Prechict N°- -- al*d $50,000 Precinct No. 3 road construction
bonds.— V. 101, p. 154.
T H I E F R I V E R FALLS, P enn in gton C ounty, Minn.— BONDS
PROPOSED.— According to reports this city is contemplating tho issuanco
ot bonds to purchase tho water-power in tho city.
TOPEKA,Kans.— BONDS AW ARD ED IN PART. — On July l $55 000
of an issuo of 8136,000 4 Hi % 1-10-yr. (ser.) coupon tax-free paving bonds
were awarded to local investors at par. Donom. $500. Dato July 1 1915
Int. J. & J. at tho Stato 'Proas, office. The remainder o f the issue ($81 000)
will bo sold to local investors in August and September.




ments elsewhere in this Department.

THE CHRONICLE

394

W ILSON TO W NSH IP SCHOOL D ISTRIC T (P. O. E aston), N orth ­
h am p ton C ounty, P a.—BOND SALE POSTPONED.— Wo aro advised
that tho awarding of the $14,600 4 H % semi-ann. 10-30-ycar optional school
bonds advertised to be sold on July 23 has been postponed until 8 p. m.
Aug. 4.— V. 101, p. 235.
W ILTON JUNCTION SCHOOL DISTRIC T (P. O. W ilton Ju n ctio n )
M uscatine C ounty, Iow a.— BOND SALE.— The $27,000 5% liigh-schoolbldg. bonds voted Jan. 12 have been awarded to Goo. M . Bechtel Sc Go.
of Davenport.— V. 100, p. 830. Int. M . & N . Due beginning 1917.
W INFIELD, C ow ley C ounty, K an s.— BONDS DEFEATED.— Tho
proposition to issue $10,000 park-site-purchase bonds failed to carry, it is
stated, at an election held July 15.
W INTER PARK, Orange C ou n ty, F la.— BOiVD SALE.— On July 22
the $12,000 7% 12K -yr. (aver.) coupon city-hall, jail .and paving bonds
wero awarded to the bank of Winter Park at 105.25 and in t.— \ ■ 101, PField Richards1*& Co. C in ...$12,4801 W . II. Patterson --------- S12,255 07
C. It. Switzer _ ___________ 12,450 C . If. Coffin, C hicago.. 12,221 00
A . P . Drum m ond__________ 12,360] Spitzer, ltorick & Com- . . .
Terry, Briggs & Slayton, Tol 12,256| pany, Toledo
12,100 00
W ITTENBERG , W aupaca C ou n ty, W ise.— BOND SALE.— Reports
state that this village has disposed of $12,000 4H % municipal water­
works plant constr. bonds at par.
WOOD COUNTY (P. O. B ow ling G reen), O hio.— BOND OFFERING.
— Bids will lie received until 1 p. m . Aug. 23 by C. E . Stinebaugh, Co.
A nd., for tho following 5% coup, road impt. county’s share bonds:
$0,000 11. J. Kaemming joint county road bonds. Denom. $600. Dato
Aug. 23 1915. Duo $600 each six months from Mar. 1 1910 to
Sept. 1 1920, inch
„„„„
20,000 Eliz. Schnell and John Minning road impt. bonds. Denom. $500.
Dato Aug. 24 1915. Due S2.000 each six months from M ar. 1 1916
to Sept. 1 1920, inch
A uth., Secs. 0926 to 0950a, Gen. Code. Int. M . & S. at officii of Co.
Treas. Cert, check on a Bowling Green bank for $500, required. Pur­
chaser to pay accrued interest.
W ORCESTER, M ass.— BIDS.— Tho following were tho other bids re­
ceived for tho loan of $150,000 awarded to Salomon Bros. Sc Ilutzlcr of N . Y .
at 2.37% discount on July 22— V. 101, p. 310:
Blake Bros. & C o.. Boston...............................................- ...........«2.39% d scount
Loring, Tolman & TUpper, Boston----------------------------------^2.40% discount
Morgan & Bartlett, New Y o r k -................................................2.42% discount
Bond & Goodwin, B oston----------------------------------------------2.42% discount
Chester W . Brown---------------------------------------------------------- 2'4§% . discount
Goldman, Sachs & C o., Now Y ork.........................................c2.4 75 % discount
Curtis & Sanger, B osto n .................... .................... ....................2.49% discount
Lee, Higginson & C o., Boston................. ....................................2.65% discount
a Plus $3 premium. I) Plus 50 cts. premium, c Plus SI 50 premium.

[VOL. 101.

W ORMLEYSBURG, C um berland C ou n ty, P a.— BONDS PRO­
POSED.— It is stated that this town has decided to issue $3,000 town-hail
bonds.
W RIG H T CONSOLIDATED SCHOOL DISTRICT (P. O. W right),
M ahasha C ounty, Iow a.— BONDS NOT YET ISSU E D .— 'T ho Sec. Bd.
of Ed. advises us under dato of July 23 that tho $12,000 building bonds voted
D ec. 8 havo not yet been issued on account of some litigation and opposi­
tion.— V. 100, p. 758.
XENIA, Greene C ounty, O hio. — BOND SALE.— On July 27 tho two
ssues of 5% coup, streot-impt. bonds,aggregating $47,000 wero awarded
to W eil, lioth & Co. of Cincinnati for $47,509 60—equal to 101.211.— V.
101, p. 67. Other bids were
Hayden. MiIlcr&Co.,Clov.$47,560 00 Otis & C o., Cleveland____$47,335 00
Davies-Bertram C o., C in. 47,584 20 Sidney Spitzer & C o., Tol. 47,291 40
Sc Wolcott C o.,
Seasongood & M ayer, Cin. 47,472 50 Tillotson
Stacy Sc Braun, T o le d o ... 47,436 95 C in cinn ati____________ 47,291 02
Forbes Sc C o ., New
A. IC. Aid) Sc C o.. C incin.. 47,430 00 Harris,
Breed, Elliott & Harrison 47,3o/ 901 Y o rk _________________ 47,281 07
YOUNGSTOW N, O hio. — BOND SALE.— On July 20 the six issues of
5% coup or reg. (option of purchaser) bonds, aggregating $31,140, wero
awarded to the Commercial N at. Bank of Youngstown.— V. 101, p. 155.
Tho bids wero as follows:
$16,150
83,040
$2,900
Oak SI pav Bellvw Av impt Ppall St imp
$3,068 00
$2,920 00
Commercial N at. Bk. Young.stwn._S10,285 00
Spitzer Rorick Sc C o., Toledo-------- 10,27.) 25
Seasongood Sc M ayer, C in c in .-.-- 16,224 50
3,041 51
2,901 45
Hayden Miller Sc Co. C leveland.. J ).}<>7 00
3,010 00
2,900 00
Tillotson & Wolcott Co., Clevo------ 10,193 60
3,050 72
2,915 95
Geo. B. Gibbons & Co., N . Y ------ 16,238 88
3,044 25
2,904 00
Lowellvillo Sav. Sc B .C o. Low eliv. . . — -$1,855
$3,090
$4,105
Av pav Sidewalk
Eonstn Av pav Fairml
$1,872 00
$3,118 00
Commercial National Bank------------ $4,142 00
1,850 00
3,091 31
Hayden Miller & Company------------- 4,107 00
1.865 00
3,090 00
Tillotson Sc W olcott Co------------------4,10.) 00
1.865 20
3,107 00
Geo. B. Gibbons & C o-------------------- 4,127 57
Lowellvillo Sav & Bank C o------------- 4,110 75
- -. . . . ..
Ohio N at. Bank, Columbus------------------------------Bid in bulk--------- $31,365
Breed Elliott Sc Harrison, Cincin--------------------- Bid in bulk.............3 1 ,D o
All bids provided for payment of accrued interest.
ZANESVILLE CITY SCHOOL D ISTRIC T (P. O. Z anesville), M us­
kingum C ounty, O hio.— BOND SALE.— On July 24 the $21,500 5% lovear average coup, school im pt. bonds wero awarded to Harris, I or lies &
Co of N Y for $22,235 94 (103.422) and int.— a basis of about 4.68% —
V. 101, p. 156. Other bids were:
W eil, Roth & C o., Cincinnati....................................................................522,220 2o
A. E. Aub Sc C o., Cincinnati.............................. ............. ....................- 22,180 00

NEW LOANS.

NEW LOANS.

NEW LOANS.

$ 54,000

$ 50,000

$ 150,000

CITY OF HUDSON, N. Y
4 K % BONDS

Soaled bids will bo received for
$15,000 High School Bonds
24.000 Street Improvement Bonds
5,000 South Fourth & Union St.
Improvement Bonds
10.000 Water Extension Bonds

of Hudson, New York, until 2 o’clock P . M .,
AUGUST
9TH,
Theso will
bo 1915.
registered or coupon bonds, at
tho option of tho purchaser, and will date from
August 2.3rd, 1915, and be issuod in denomina­
tions of $1,000 each, and boar interest at tho rato
of 4M per cent per annum, payablo semi-annu­
ally on February 23rd and August 23rd, each
year thereafter, at the offico of tho City Treas­
urer, and will maturo as follows :
“High School Bonds”—
$10,000 in 1925: $5,000 in 1926.
“Street Improvement Bonds"—
$5,000 in 1926: $10,000 in 1927; $9,000 in 1928.
"South 4th & Union St. Improvement Bonds”—
$5,000 in 1928.
"Water Extension Bonds —
$10,000 in 1929.
Proposals must bo accompanied by certified
check payablo to tho order of tho City Treasurer,
for two per centum of tho amount of bonds bid
■ for, and also by a statement in which tho bidder
shall elect whether bonds so bid for shall bo
coupon or registered bonds. Tho right is re­
served to rojoct any and all bids.
Bidders must bid separately on each issuo and
should address all bids in a plain sealed onvolopo
bearing the following marking and no other :
"To the Finance Committeo of tho Common
Council of tho City of Hudson, N . Y. Bid for
High School Bonds” , or “Bid for Streot Improve­
ment Bonds” , &c.
Tho “High School Bonds” aro issued pursuant
to Chapter 228 of tho Laws of 1914.
“Tho Street Improvement Bonds” , “Water
Extension Ilonds” anil "South 4th and Union
St. Improvement Bonds” , aro issued pursuant
to tho “Home Rule Amendment” .
Bids may bo sent caro of
H EN RY M . JAM ES,
City Clerk, Hudson, N . Y .

City of Wilmington, Delaware, CITY OF ENGLEWOOD, N.J.
SCHOOL BONDS
Sinking Fund 4 yz% Loan
Scaled bids will bo received until 12 o clock,
noon, AUGUST 12, A. D. 1915, for all or any
part thereof of $50,000 Wilmington, Delawaro,
Sinking Fund Pour and One-half per cent Loan.
Said bonds will date from August 1, A. D . 1915,
and be issued in denominations of Fifty Dollars
or multiples thereof, and bear interest at the
rate of four and one-half per centum per annum,
payable semi-annually on October 1 and April 1,
and to maturo as follows:
832,550 on April 1, 1939.
$17,450 on October 1, 1939.
,
Theso bonds aro issued to provide funds for
tho use of tho Board of Directors of the Street
and Sewer Department, for tho extension of the
North Braiulywino intercepting sewer to the
Itagley Yard of tho E . I. du Pont de Nemours
Powder Company, and aro issued under authority
of an Act of the General Assembly of tho State
of Delaware, approved March 4, A. D . 1907,
and under authority of an Ordinance of the Coun­
cil of Wilmington passed July 15, 1915, and
approved by tho M ayor, July 19th, 1915, and at
the option of tho purchaser may bo coupon or
registered bonds.
All proposals must bo accompanied by a cer­
tified check payable to tho order of “Tho Mayor
and Council of Wilmington" for two per centum
of the amount of bonds bid for, tho same to be
forfeited if the bidder fails to accept and pay for
bonds awarded.
. ,
Tho successful bidder or bidders will bo required
to settle for tho bonds awarded, with accrual
ntercst from August 1, A. D . 1915, at or before
12 o’clock noon, September 1, A. D . 1915.
N o bid of less than par will bo accepted.
Tho right is reserved to reject any or all bids.
Bonds will bo paid for and delivered to tho
purchaser at tho offico of tho City Treasurer in
Wilmington, Delaware, at the time hereinbefore
mentioned.
All proposals must bo enclosed in sealed en­
velopes acklressed to WILLIAM J. H IG IIFIELD ,
City Treasurer, and marked “PROPOSALS
FOR SIN K IN G FU N D LOAN.”
OSCAR C. D R A PER ,
1 Finance
JAM ES K A N E,
1- Committeo
CHARLES M . SM ITH , Jof tho Council.
ROBERT D . K EM P,
] Commissioners
jo h n j . m c g o v er n , 1
of tho
JOHN J. M O NAG HAN, Sinking Fund.

lUkoisTrost&Sami^sBank
CHICAGO

Capital, Surplus and Undivided Profits •

$15,700,000

Pays Intereas on Time
Lias on band at all times a variety of exDeposlts, Current and fteserve
oellent Seourltlea. Buys and sella
Accounts. Deals In Foreign ExGovernment, Municipal and
change. Transacts a General Trust Busineas.
Corporation Bonds



Sealed Proposals will be received by tho Com­
mon Council of tho City of Englewood, at the
City Hall, in tho City of Englowood, N . J., until
SEPTEMBER 74 11, 1915,
at 8 o’clock p. m ., for tho purchase of $150,000
School Bonds of said City. Said bonds will be
of tiie denomination of $1,000 cacti, dated Sep­
tember 1, 1915, payable September 1, 1945,
bearing interest at the rato of four and ono-half
per centum per annum, payablo semi-annually
on tho first days of March and September in each
yoar, both principal and interest being payable
in lawful money of tho United States of America
at tho United States Mortgage Sc Trust Com­
pany, in tho City of Now York. Said bonds will
bo coupon bonds with tho privilege of registration
as to principal only, or of conversion into bonds
registered as to both principal and interest.
All proposals must provide for the payment of
accrued interest by tho purchaser from the date
of said bonds to tho dato of delivery thereof, anil
must bo accompanied by a certified check upon
an incorporated bank or trust company for 2%
of tho par valuo of tho bonds bid for, payablo to
tiie order of tho Treasurer of tiie City of Engle­
wood, tho amount of said check to ho credited
upon tho bid, if accepted, and to bo roturned
forthwith if tho bid bo not accepted.
I’roposals should bo addressed to Robert
Jamieson, City Clerk of tho City of Englewood,
and enclosed in a sealed envelope marked “Pro­
posal for City of Englowood School Bonds.”
Tho legality of tho Issue has been examined by
Messrs. Hawkins, Delaflcld Sc Longfellow, whoso
favorablo opinion will lie furnished to tho pur­
chaser. The bonds will bo prepared under the
supervision of tho United States Mortgage Sc
Trust Company, who will certify as to genuine­
ness of tho signature of tho city officials and tho
seal itnprossod thereon.
Tho right is reserved to reject any or all bids.
D ated, July 24th, 1915.
By order of tho Common Council.
ROBERT JAM IESON, City Clerk.

“St. Joe”
It is a pleasure to offer investors the School
District 4H s of the City of St. Joseph, Mo.,
one of the oldest M unicipalities of th is State,
and tiie third city of Missouri in population
and commercial im portance.
Dated May 1, 1915.
Due serially, May 1, 1925, to 1935.
Price to yield 4.35%.
Legal for Savings Banks in Maine, Massa­
chusetts, C onnecticut, Vermont and
Rhode Island, and as security for Postal
Savings Deposits.
BOND DEPARTMENT

Mississippi Valley Trust Co.
ST. LOUIS

Ju ly

31 1915.]

THE CHRONICLE

P avlcs-Bertram C o ., C incinnati_______________________________ 22.178 00
F ifth-Third National Bank, Cincinnati_______________________ 22,175 10
Seasongood & M ayer, Cincinnati_______________ _______________ 22.160 6 6
Breed, E lliott & Harrison, Cincinnati__________________________ 22,157 90
B olger, M osser & W illaman, C hicago____________________________ 22,147 00
Brighton-German Bank, Cincinnati......... ............................... .......... 22.076 00
Sidney Spltzer & C o ., T oled o___________________________________ 22,026 75
Old Citizens’ National B ank, Zanesville________________________ 22,047 00
Security Savings & Trust C o ., T oled o............................................ _ . 22,026 00
Tillotson & W olcott C o ., Cleveland____________________________ 21,979 45

C a n a d a , its P r o v in c e s a n d M u n ic ip a lit ie s .

—DEBENTURE SALE

oA%
DEBENTURE ELECTION.—An

BERLIN, O nt.
.— The Canada Bond C orporation
o f T oron to has been awarded an issue o f $ 6 ,0 0 0
1 0 -year debentures
it is stated.
BEVERLEY, A lta.—
election will be
held July 31, it is stated, to vote on the question o f issuing $14,400 sewer
and grading debentures.
BEVERLEY TOW NSH IP (P. O. Lyden), O n t.
.— Reports state that on July 12 the Council passed a by­
law providing for the issuance o f $4,495 hydro-electric power plant debeutures.

—DEBENTURES

AUTHORIZED

DEBENTURES

DEI< LAI ED.-

TO W N SH IP (P ’ ° / O r a n to n ), O n t.—
It is stated that on July 13 the question o f issuing $5 000
road and bridge debentures was defeated.
CANADA (Dominion o f)
$45 .­
000,000 5 % Dom inion Governm ent gold notes offered b y a syndicate o f
N ew Y ork bankers on July 24 wero largely over-subscribed. See "now s
item on a preceding page.
CARLYLE,
.— An election to decide
whether or not this place shall issuo $3,000 electric-light, heat and power
plant dobontures will bo held A ug. 9, it is reported.
COBOURG, O nt.
.— Bids will bo received
ment doben 2turc'sA CXanll0r l 0° ’ T ow n Treas” for $11,000 5
15-install-

.—LOAN OVERSUBSCRIBED.—The

Sa.sk.—DEBENTURE ELECTION

DEBENTURE OFFERING

DEBENTURE ELECTION

395

carried b y a vote o f 22 to 8 — V . 101, p . 156. D enom . S100. D u e in 25
equal annual installments o f principal and interest.

DEBENTURE SALE.

__ R *?0C ®
■Qf W oodstock), O nt.—
° n July 23 the $36,000 5 % 30-installment road-im pt. debentures wero
m h e r ebiddereUwere°r a Bank f° r $ 3 4 ’ 9 4 8 (97.077) and in t.— V. 101. p . 235.
W ood Gundy & C o ., T o r . . .$34,583 Dom inion Secur. C o ., T o r
$33,901
C . II. Burgess & C o ., T o r ___ 34,225 Canada B ond C orp ., T o r
34,900
Brent, N oxon
C o ., T o r ___34,311
W . L . M cK innon & C o ..T o r . 34,560
A . II. Martins & C o ., T o r ___34^877 Kerr, Bell & Flem ing, T o r___ 34,254
Geo. A . Stimson & C o ., T o r . 34,545 l i . C . M atthews & C o ., T o r . 34,938
M cN eill & Young, T o r o n t o .. 34,570

&

— On

DEBENTURE SALE.

P em b ro k e), O n t.—
TnrnnM n f n V m So,000 5 % debentures were awarded to Goldman & C o. o f
1 CTn ^ l ? Z : 8 .2 and
iP _l ,j>, 235L Other bids were:
A . II. M artens & C o ., T or.$4 ,8 8 7 00 C . II. Burgess & C o ., T o r . . $4,858 50
Brent, N oxon & C o .. T o r . . 4,883 00 W ood . G undy & C o ., T o r . . 4,854 00
M acned & Young, T o r ____ 4,881 50 R . C . M atthews & C o ., T or. 4,852 50
Imperial Bank o f C a n a d a .. 4,881 0 0 W . A . M ackenzie& C o.,T or. 4,850 00
Canada Bond C o ., T oron to 4,870 00 Kerr, Bell & Flem ing, T o r . 4,829 00
\v. Li. M cK innon & C o ., T o r t ,867 50

V-

S M IT H V IL L E , O n t
carried! it

.—DEBENTURES VOTED.— At

the election held
elcctri(>light aQd P °wer debentures

s S 8^
- D E ^ r W B ?0 ? / ™

^ U n ^ IPf , f ] T Y (P- ° - Swan Eiver), Man.

'A%

.COLLINGWOOD, O nt.—
.— On A u " 1 1 .
it is stated, an election will be held to voto on the question o f issuing § 2 0 0 0 0
bonds to bo gran tod as a loan to the Bryan M fg . C o.
b
u
LEN NOXVILLE, 0 u e .—
B y ’a voto o f 67 to 7. it is
at^tho election0 lielT ju\ y 0 ” l t0 iSSU° ^ 4 0 ,0 0 0 water-works debentures carried

BONDS VOTED.—

AuK^Tliy^J^ephY'niito’^Ti^vif^lerir^foi^sl’^oiKI0, rcce*vc<*

—DEBENTURES AUTHORIZED.

__It is stated th it
LONDON, O nt.
tho C ity Council on July 5 passed by-laws providing for the isusance o f 10
issues o f debentures, aggregating $383,930.
MATHESON, O n t.—
— A t the election held
July 16 tho question o f issuing tho $20,000 6 % water-works debentures

DEBENTURES VOTED

NEW

LOANS.

MISCELLANEOUS.

$10,600
Village of Seneca Falls, N. Y.
PINAL JUDGMENT BONDS
Scaled proposals will bo received b y Charles W
i
be said Village o f Seneca Falls
at il,s 0,f flce in said Village o f Seneca Falls, N . Y
until the 2ND D A Y O P A U G U S T , 1915, at
G30 p . m . for tho purchaso o f final judgm ent
bonds o f said Village to tho amount o f $10,600 00
o f the denomination o f $1,060 0 0 each, the said
bonds to mature in equal annual installments
in i^ d a y o f August in each year from August
10, 1916, to August 10, 1925, interest payable
semi-annually on tho 1 0 tli days o f February and
August in each year.
Tho bonds will bo awarded to tho bidder who
will take tho same at not less than par and acinterest to dato o f delivery at the lowest
ra ,n ° f biterest not to exceed 5 % .

y

Securities Corporation General
1338 C h e s tn u t S t,, P h ila d e lp h ia
111 B ro a d w a y , N e w Y o r k

Authorized Capital

$ 10, 000,000

Issued

$ 5 , 021,875

00

Deals and invests in public service securities
Participates in security underwritings
Finances public service enterprises

regcteanyTndaUbfds.teeS r0SerVCS th° right to
Dated Seneca Falls, N . Y ., July 6 . 1915
B y ord?r o f tho Board o f Trusteas.
C H A R L E S W . C O M B S , Viliago Clerk

P. M. CHANDLER, President
W. H. SHARP, Vice-President
Vice-President
J* C. TRIMBLE, Sec’y & Treasurer

?■

$ 7 3 ,5 0 0

TOWN OF KEARNY,
Hudson County, N. J.,
4J^% SCHOOL BONDS
Scalod proposals will bo received b y tho